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Houston May Become Fifth Significant Texas City to Crack Down on Pay Day Loans

Houston May Become Fifth Significant Texas City to Crack Down on Pay Day Loans

In a rebuke towards the do-nothing Texas Legislature, Houston took one step toward becoming the 5th major Texas town to pass payday and auto-title loan limitations. Houston Mayor Annise Parker outlined her proposition final week and announced that she’dn’t dilute the proposed ordinance centered on industry needs.

“ we had at first favored a Houston-specific measure, but decided that joining along with other Texas urban centers in a united front side on this problem is the best option to deliver a very good message towards the Texas Legislature,” she said.

In a town very often rolls over for big company, Parker took a stand that is surprisingly strong the Texas pay day loan industry, which did significantly more than $1 billion in operation into the Houston metro area in 2012 alone. In accordance with the Houston Chronicle:

She brushed apart concerns about welcoming case, saying the town is sued daily, and didn’t finesse her message to your industry.

“They have actually stated they will certainly go away from town restrictions of Houston, and I also state: Don’t allow the door hit you along the way out,” Parker stated. “This is certainly not about building a profit that is reasonable. Continue reading