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Texas politicians file bill to manage payday, title loans

Texas politicians file bill to manage payday, title loans

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Politicians in Bryan and College facility got their wish Wednesday when 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 numerous limitations upon the largely unregulated industry that is quick-loan such as for instance limiting how big that loan considering a customers’ earnings or automobile value, restricting how many times that loan is refinanced and mandating extensive payment plan provisions. (more…)

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