Contact Your City Leaders
Help advocate to bring the unified ordinance to your city.
With no action at the state level, 46 cities have taken the lead to establish a baseline of fair market practices for payday and auto title loans. Contact us if you would like more information or help to build a local campaign.
Main Components of the Ordinance
Payday and auto title stores operating as credit access businesses (the state licensing designation for these businesses) must register with the city.
Payday loans including all charges are limited to 20% of the borrower’s gross monthly income. Auto title loans including all charges are limited to the lesser of 3% of the borrower’s gross annual income or 70% of the vehicle value.
Loans cannot have more than 4 installments or 3 rollovers or renewals.
The proceeds from each installment or renewal must reduce the loan principal by 25%.
A rollover or renewal is defined as an extension of consumer credit made within seven days of the previous extension of credit.