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Houston Could Become Fifth Significant Texas City to Crack Down on Pay Day Loans

Houston Could Become Fifth Significant Texas City to Crack Down on Pay Day Loans

In a rebuke to your do-nothing Texas Legislature, Houston took one action toward becoming the 5th major Texas town to pass payday and loan that is auto-title. Houston Mayor Annise Parker outlined her proposition final week and announced that she’dn’t dilute the proposed ordinance according to industry needs.

“I had at first favored a Houston-specific measure, but decided that joining with other Texas metropolitan areas in a united front side on this problem is the very best option to deliver a powerful message to your Texas Legislature,” she said.

In a town that usually rolls over for big company, Parker took a stand that is surprisingly strong the Texas pay day loan industry, which did more than $1 billion operating in the Houston metro area in 2012 alone. Based on the Houston Chronicle:

She brushed apart issues about welcoming case, saying the town is sued daily, and didn’t finesse her message towards the industry.

“They have actually stated they are going to go outside of the town limitations of Houston, and I also state: Don’t allow home hit you on your way out,” Parker said. “This just isn’t about creating a profit that is reasonable. This might be about preying in vulnerable human being beings and making an obscene revenue.”