The Monitor: Payday loan reform a sticking point in Legislature taking millions from lobbyists
March 21, 2013
The Valley is one region with a higher concentration of payday loan businesses, along with the Austin, Houston, San Antonio and Dallas-Fort Worth metro areas, according to the state agency that oversees the stores. The same agency said the industry makes more than half its annual profits in Texas alone. Consumers are caught in the midst of payday loan reform. At play are the millions in campaign contributions made to Texas lawmakers by industry lobbyists as well as lax regulations and a three-party lending system that allows for more interest and fees, which remain uncapped in Texas. Read more here.