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Ditching compromise, Parker pushes tough pay day loan regulations

Ditching compromise, Parker pushes tough pay day loan regulations

Mayor Annise Parker on Friday scrapped a compromise want to manage payday and automobile name lenders in support of more strict restrictions, looking to curtail exactly exactly what she called a usurious racket that traps borrowers in a period of debt.

Parker stated the City Council will vote the following month on the laws, that are modeled on guidelines passed away by Dallas, Austin, San Antonio and El Paso, a number of which were sued by payday loan providers. The industry had pledged to not sue if Houston passed a compromise proposition negotiated by City Attorney David Feldman early in the day this present year. Continue reading Ditching compromise, Parker pushes tough pay day loan regulations