States Draw New Battle Lines In Dealing With Lenders For Short Term Advance Loans

19 Comment Uncategorized

Texas has been fighting a new battle, and no I am not talking about the drug smuggling across the border or illegal immigration but the battle over abusive lending practices, specifically payday lending and title loan companies. What is unique with the situation in Texas is that the fight is not on the state level but local governments having had enough and with a strong push by these local governments voters tough new measures have been enacted throughout much of the state.

Legislation on a state level might not happen in 2015. Lobbyists defeated every measure that was presented on a state level in 2013 for example, backed by a steady flow of money from lobbyist bank accounts. Texas also sadly has politicians directly profiting off of other peoples misery such as Rep Gary Elkins of the Texas House of Representatives who owns a payday loan company. Speculation is that Lt. Gov. David Dewhurst and House Speaker Joe Straus will step back from any potential state legislation efforts on the payday and title loan industry which in Texas is booming. Entire neighborhoods in Texas are dotted with fast cash and payday loan shops.

There is a glimmer of hope for 2015 however as Straus stated during an editorial board interview that he fully expects legislators to review regulatory options and make recommendations before the next session. GOP Sen. John Carona of Dallas had sought reform of the loan industry in Texas in 2014 but again due to heavy lobbyist activity he did not get very far this year.

The payday loan industry itself is fighting back against any reforms, in 2014 they tried to convince legislators to curb the ability of cities like Austin, Dallas and Houston from adopting muscular codes to curb lending practices. The payday loan industry is backing gubernatorial candidates Greg Abbott in the tune of $402,959 at the time of this writing, while they backed Davis by only $10,500. The sheer amount of money being thrown around by the loan industry in the governor, house and senate level is the reason why no meaningful legislation has made it past a committee and to the full floor. This the reason why local governments have taken on the loan industry head on, since the state level government is doing nothing. Various cities throughout however have passed ordinances which have:

Curbed the amount of times a loan can be rolled over

Set forth minimum payments such as in Austin you must pay at least 25% of your payday loan per payment.

Capped amounts of loans to income gained.

Some cites have created cooling off periods baring customers from obtaining new loans for a set amount of time.

There is a growing statewide effort to reform payday lending, but the fight is up against long odds. Dallas, Houston, Austin and many other cities across the state have enacted tougher rules on payday lending in 2014 so that shows that the citizens of Texas want change and want reform, but again it remains to be seen how politicians on the state level will proceed due to the payday loan industry financing their campaigns, not to mention several law makers being directly involved in the industry. The good news is that the cities are winning their fights, but other cities in Texas have yet to join the fight such as Fort Worth, Arlington and Irving.

19 comments on “States Draw New Battle Lines In Dealing With Lenders For Short Term Advance Loans”

  1. I am glad that I discovered this website, precisely the right info that I was searching for!

  2. buy cbd oil says:

    I needed to post you that little bit of observation to say thanks once again for your personal marvelous principles you’ve featured in this article. It is quite seriously generous of people like you to give openly just what many individuals might have marketed as an e book to generate some dough for themselves, most notably given that you could possibly have done it if you ever decided. These principles as well served to be a fantastic way to fully grasp other people have similar fervor much like my own to know the truth many more pertaining to this issue. I am certain there are millions of more fun opportunities in the future for individuals who looked over your blog post.

  3. cannabis oil says:

    I wanted to put you the very little remark to be able to thank you the moment again over the pretty tactics you have provided on this page. This has been simply strangely open-handed with you to offer unhampered precisely what many people would’ve offered for sale for an ebook to help make some money on their own, particularly seeing that you might have tried it in case you desired. Those strategies in addition worked to become good way to know that some people have the identical keenness really like my personal own to realize much more when it comes to this matter. I believe there are several more pleasant sessions up front for people who scan your site.

  4. Thanks for your whole work on this website. My mum takes pleasure in working on research and it is simple to grasp why. We notice all relating to the powerful ways you render very useful tips and tricks via your website and therefore strongly encourage response from website visitors on this theme while our own simple princess is without a doubt understanding so much. Take pleasure in the rest of the year. Your performing a very good job.

  5. I happen to be writing to make you understand what a terrific experience our princess went through visiting yuor web blog. She realized such a lot of things, with the inclusion of what it is like to possess an incredible teaching style to make the others without hassle thoroughly grasp various tricky topics. You undoubtedly surpassed visitors’ expected results. Thanks for showing those warm and friendly, trustworthy, revealing not to mention unique tips on your topic to Sandra.

  6. order viagra says:

    I needed to draft you one little bit of observation so as to say thank you once again for those incredible opinions you’ve documented here. It is quite pretty generous of people like you to deliver freely exactly what a number of people could possibly have made available as an e book to end up making some cash for themselves, most importantly given that you could possibly have done it if you ever decided. These inspiring ideas also served like the fantastic way to comprehend other individuals have similar eagerness like my own to know great deal more on the subject of this issue. I’m sure there are many more fun occasions in the future for individuals who look into your blog post.

  7. viagra pills says:

    Thanks for your whole work on this website. My niece takes pleasure in working on research and it is simple to grasp why. We all notice all relating to the powerful ways you render very useful tips and tricks via your website and therefore welcome response from website visitors on this theme while our own simple princess is without a doubt understanding so much. Take pleasure in the rest of the year. Your performing a very good job.

  8. I intended to create you a bit of note just to give thanks again for all the breathtaking guidelines you’ve discussed at this time. It’s extremely generous of people like you in giving extensively all that a few people could have distributed as an e-book in order to make some bucks for their own end, chiefly considering that you could have done it if you considered necessary. The creative ideas additionally acted as the easy way to be certain that most people have a similar dream just like mine to find out a little more in regard to this condition. I’m certain there are lots of more enjoyable moments ahead for folks who discover your blog.

  9. I am only writing to make you understand what a really good experience my wife’s princess obtained viewing your webblog. She noticed some things, which included what it is like to possess an ideal teaching spirit to make others without difficulty learn about specific tortuous things. You undoubtedly surpassed readers’ expected results. Thanks for rendering those productive, trusted, informative as well as unique tips on your topic to Mary.

  10. My spouse and i got really joyous that Jordan managed to do his reports through the entire precious recommendations he had through the web pages. It is now and again perplexing to just find yourself handing out secrets which people may have been selling. So we keep in mind we have got the writer to give thanks to for that. The most important illustrations you have made, the simple web site navigation, the relationships you will help to foster – it’s got many overwhelming, and it’s really leading our son in addition to the family know that the situation is exciting, which is rather mandatory. Thank you for everything!

  11. I simply wanted to thank you very much once more. I do not know what I would have tried without these techniques shared by you regarding that subject matter. It was before an absolute scary scenario in my position, nevertheless taking note of this specialized tactic you solved the issue took me to weep with happiness. Now i’m thankful for your support and thus trust you really know what an amazing job you were putting in training the mediocre ones via your webpage. Most probably you haven’t met any of us.

  12. My wife and i were so relieved when Peter managed to finish up his studies via the precious recommendations he received when using the web site. It is now and again perplexing to simply happen to be offering things which often some people might have been trying to sell. We remember we now have you to thank for this. These illustrations you made, the straightforward website navigation, the relationships your site make it easier to promote – it is mostly superb, and it is letting our son in addition to us recognize that this theme is pleasurable, which is certainly truly serious. Thanks for the whole thing!

  13. I precisely had to appreciate you all over again. I am not sure the things that I might have followed in the absence of the entire information documented by you directly on such industry. It had become a real distressing crisis in my circumstances, however , encountering the skilled form you managed that made me to jump over fulfillment. I’m just happier for this guidance and even hope you find out what a great job you are doing instructing other individuals through your blog post. I am sure you have never encountered all of us.

  14. My wife and i have been so peaceful when Michael managed to finish up his studies via the precious recommendations he obtained using your web site. It is now and again perplexing to simply happen to be offering techniques which often some others might have been trying to sell. We remember we need you to thank for this. The type of illustrations you made, the straightforward website navigation, the relationships your site make it easier to instill – it is most spectacular, and it is letting our son in addition to us reckon that this subject matter is pleasurable, which is certainly truly serious. Thanks for the whole lot!

  15. My spouse and i felt now fortunate that Emmanuel could conclude his investigation out of the ideas he gained in your web page. It’s not at all simplistic to just choose to be giving freely information that many other folks have been selling. And we all figure out we have the website owner to be grateful to for that. The explanations you have made, the simple site menu, the friendships you can give support to engender – it’s got everything fabulous, and it’s really facilitating our son and the family feel that the idea is enjoyable, and that is incredibly important. Thank you for all the pieces!

  16. My wife and i were very thrilled Emmanuel could conclude his inquiry from your ideas he gained in your site. It’s not at all simplistic just to choose to be giving for free ideas that most people have been making money from. And we all do understand we have the website owner to be grateful to because of that. The explanations you’ve made, the easy site menu, the friendships you can give support to engender – it’s everything extraordinary, and it’s facilitating our son and our family feel that that idea is cool, and that is highly important. Many thanks for all the pieces!

  17. I am glad for writing to make you know what a magnificent encounter my wife’s girl had studying your web site. She mastered several pieces, which include what it’s like to possess an awesome helping nature to let other individuals very easily know precisely some multifaceted subject matter. You truly exceeded people’s expectations. Thank you for presenting these powerful, trusted, informative and in addition fun tips about this topic to Kate.

  18. animal porns says:

    Thanks for sharing your thoughts about animal porns. Regards

  19. gay porn says:

    Wow! Finally I got a web site from where I be capable of in fact get useful facts concerning my study
    and knowledge.

Leave a Reply

Your email address will not be published. Required fields are marked *