We still have until May 28th, until we’re out of the woods in Texas. This is when the legislative session ends, but things are looking positive for the payday loan industry, in Texas, according to Rep. Mike Villarreal (D- San Antonio) – the House sponsor. Not sure if this is the white flag or a hail-Mary. He posted to his Facebook page:
“After months of work on payday and auto title lending reform, it’s hard to accept that we may not have the votes to move forward with meaningful protections for consumers. Texas has a long history of free markets, but we also have a long history of protecting consumers from usury. Our state’s current approach to payday and auto title lending is a break from that honorable tradition. Our most vulnerable citizens pay the price. I’m still working to find a path forward.”
He tweeted over the weekend,
“Planning interim. Will travel state to advance payday auto title ordinances one city at a time with Coalition for Fair Lending.”
It looks like he’s going to attack the industry at the city level by imposing zoning limits on payday lending store fronts. This will provide a big boost to Internet lenders.
You can read the full article titled, “Payday lending bill’s prospects dwindling“
