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Texas politicians file bill to manage payday, name loans

Texas politicians file bill to manage payday, name loans

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Politicians in Bryan and College facility got their wish Wednesday whenever a set of state legislators filed bills to further regulate payday and auto-title loan lenders.

Texas Rep. Mike Villarreal, D-San Antonio, teamed up with Sen. John Carona, R-Dallas, to register HB 2706 and SB 1247. Exactly the same bills would put numerous limitations upon the largely unregulated industry that is quick-loan such as for example limiting how big is that loan according to a customers’ earnings or car value, restricting the amount of times that loan may be refinanced and mandating extensive payment plan conditions.

Neither Villarreal, home opportunities and services that are financial president, nor Carona, Senate company and business committee president, taken care of immediately demands for remark through the Eagle.