Texas Matters: Payday Lending Reform Stalls At Legislature
The Pay Day Lending industry has been successful in avoiding regulation in Texas at the state level but 22 cities have passed ordinances that try to cap the fees and roll overs for the loans.
A bipartisan effort has come together in Austin this session to try to corral payday and Auto title lenders with House Bill 3047.
At a press conference former House Speaker Tom Craddick expressed his dissatisfaction with the consumer lenders.
Democratic Senator Rodney Ellis has long called for state limits for the payday lenders. He said the bill will not get voted out of committee but he is looking for a bill that he can attach this as an amendment.
Rob Norcross is the spokesman for the Consumer Service Alliance of Texas which is an organization that lobbies on behalf of payday and vehicle title lenders, referred to as credit access businesses.