Editorial: Statewide payday reforms that are lending

Editorial: Statewide payday reforms that are lending

The Fort Worth City Council took one step into the direction that is right voting to rein in payday loan providers.

A week ago, on a 5-3 vote to control the predatory lending company, Fort Worth became the most recent major town within the state to look at this type of measure. It joins almost 70 other Texas towns which have enacted some sort of legislation for short-term loans in the past ten years.

This will deliver a message that is clear lawmakers that statewide legislation about this problem will become necessary. Most likely, Republicans usually complain about patchwork laws, but those laws usually arise because of state inaction on key dilemmas. The heavy-lifting on this will not sleep entirely regarding the arms of specific municipalities. Residents over the state, in towns and towns little and enormous, deserve equal defenses.

Pleas from residents teams, faith-based businesses, the Texas Municipal League and AARP to obtain the Texas Legislature to manage the industry have actually just about been ignored. (mais…)

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