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Opportunity missed in Texas’ payday lending legislation

Opportunity missed in Texas’ payday lending legislation

Gov. Rick Perry has two payday financing bills on their desk waiting become finalized. These bills are created to protect consumers, however in truth, they are doing virtually absolutely absolutely absolutely nothing toward accomplishing this objective.

Proponents associated with the bills have rightly pointed out that payday loan providers and car name lenders have actually operated without significant state legislation in Texas as a result of a strange loophole that enables them to prepare as Credit Service Organizations. These bills, their sponsors argue, bring genuine defenses to Texans utilizing these loans.

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