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.
GRAPHIC PLACEHOLDER
Main Components of the Ordinance
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Payday and auto title stores operating as credit access businesses (the state licensing designation for these businesses) must register with the city.
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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.
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Loans cannot have more than 4 installments or 3 rollovers or renewals.
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The proceeds from each installment or renewal must reduce the loan principal by 25%.
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A rollover or renewal is defined as an extension of consumer credit made within seven days of the previous extension of credit.