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Houston Could Become Fifth Significant Texas City to Crack Down on Payday Advances

Houston Could Become Fifth Significant Texas City to Crack Down on Payday Advances

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 predicated on industry needs.

“ we experienced initially favored a Houston-specific measure, but decided that joining along with other Texas urban centers in a united front side about this problem is the better option to deliver a stronger message to your Texas Legislature,” she said.

In a town very often rolls over for big business, Parker took a surprisingly strong stand against the Texas pay day loan industry, which did significantly more than $1 billion running a business when you look at the Houston metro area in 2012 alone. In accordance with the Houston Chronicle:

She brushed apart issues about welcoming case, saying the populous town is sued daily, and failed to finesse her message towards the industry.

“They have actually said they are going to go away from town restrictions of Houston, and I also state: Don’t allow door hit you on route out,” Parker stated. “This is not about building a reasonable revenue. This can be about preying in vulnerable human being beings and making an obscene revenue.”

The proposed Houston ordinance is comparable to those passed away in Austin, Dallas, El Paso, Houston and San Antonio. (more…)

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