Wednesday

Lubbock City Councilman Juan Chadis is hoping Lubbock joins the nearly 40 metropolitan areas in Texas wanting to manage payday loan providers.

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

The ordinance has got the help of the few regional businesses including, the western Texas Organizing Strategy and also the Lubbock County Democratic Party, however in a work session earlier in the day this thirty days where in actuality the council talked about the ordinance, town leaders and a business that is few mentioned issues about how exactly it might be enforced of course oahu is the town’s duty to manage the industry.

Some through the industry additionally argued the ordinance is only going to discipline the firms that obey the brand new legislation or do not go beyond your town, or that clients might take their company to online loan providers.Read More