Payday financing business representatives break the guidelines against Longview City Council idea

Payday financing business representatives break the guidelines against Longview City Council idea

An auto-title-loan store in Arlington.

Fort Worth Star-Telegram

An ordinance designed to restrict community funding company dominated discussion during Thursday’s City Council conference, with representatives of the businesses protecting whatever they supply as necessary to the working bad in the area.

Modeled for a variation provided by the Texas Municipal League, the ordinance being crafted by town appropriate staff sets limits on “credit access organizations.” The ordinance specially addresses loan terms, for example the amount of the home loan and just how many times it could possibly be refinanced.

No action was indeed taken evening, however the council could work at its Jan. 28 conference thursday.

District 4 Councilwoman Kristen Ishihara described payday funding and car title loan providers as “predatory” and perpetuating a vicious amount of poverty that victimizes residents in severe need that is economic. Read more