Texas politicians file bill to manage payday, name loans

Texas politicians file bill to manage payday, name loans

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Politicians in Bryan and College facility got their wish Wednesday whenever a couple of state legislators filed bills to further regulate payday and auto-title loan lenders.

Texas Rep. Mike Villarreal, D-San Antonio, teamed up with Sen. John Carona, R-Dallas, to register HB 2706 and SB 1247. Exactly the same bills would put many limitations upon the largely unregulated industry that is quick-loan such as for example restricting how big that loan according to a customers’ earnings or car value, restricting how many times that loan could be refinanced and mandating extensive payment plan conditions. Continue reading “Texas politicians file bill to manage payday, name loans”