SAN ANGELO, TX вЂ“ After enjoying a three-day week-end, City of San Angelo leaders got things started bright and very very very early Tuesday morning in the very 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 asked for the discussion of payday advances be taken to the council for the ordinance that is possible stated he has got discovered there are many metropolitan areas throughout Texas which have ordinances regulating name, short-term and pay day loans.
вЂњThese loans are predatory loans,вЂќ he said.
He included that the attention price on these loans is as much as 500 %, additionally the populous City comes with a responsibility to safeguard the residents from this types of predatory financing.
City Attorney Theresa James stated the matter among these forms of loans have now been brought forth towards the Texas Legislature times that are several but no action happens to be taken.