Without a doubt about Council to consider ordinance regulating Lubbock payday lenders

Without a doubt about Council to consider ordinance regulating Lubbock payday lenders

Wednesday

Lubbock City Councilman Juan Chadis is hoping Lubbock joins the almost 40 towns in Texas wanting to manage payday loan providers.

During the council conference Thursday, Chadis will introduce a standard ordinance crafted by the Texas Municipal League to cut back just just exactly what it calls the “abusive and predatory financing techniques” of short-term loan providers referred to as payday or car name lenders. The ordinance that is payday should be authorized on two split readings.

The ordinance gets the help of some neighborhood businesses including, the western Texas Organizing Strategy while the Lubbock County Democratic Party, however in a work session early in the day this thirty days where in fact the council talked about the ordinance, city leaders and a couple of business representatives raised issues on how it could be enforced and in case oahu is the town’s obligation to modify the industry.

Some through the industry additionally argued the ordinance will simply discipline the firms that obey the laws that are new do not go outside of the town, or that clients usually takes their company to online loan providers. Continue reading “Without a doubt about Council to consider ordinance regulating Lubbock payday lenders”