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Let me make it clear about City Council and Local Organizations Tackle Predatory Lending

Let me make it clear about City Council and Local Organizations Tackle Predatory Lending

SAN ANGELO, TX – After enjoying a weekend that is three-day City of San Angelo leaders got things began bright and very early Tuesday morning in the very very first City Council conference of September. One of the problems tackled had been pay day loans, or lending that is predatory.

Councilman Bill Richardson, SMD 1, whom requested the discussion of pay day loans be taken to the council for a ordinance that is possible stated he has got learned there are many towns throughout Texas which have ordinances regulating name, short-term and pay day loans.

“These loans are predatory loans,” he said.

He included that the attention price on these loans is as much as 500 %, in addition to City comes with a responsibility to safeguard the residents from this kind of predatory financing.

City Attorney Theresa James stated the matter among these kinds of loans were brought forth to your Texas Legislature many times, but no action happens to be taken.

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