City Council Votes to Restrict Payday Lender Growth
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April 26, 2012
City councilors in Austin, Texas, have approved legislation to limit where payday lenders can open a business. Short-term loan outlets will not be permitted to open within 1,000 feet of another similar business or within 200 feet of an interstate. The decision came after a coalition of Austin faith leaders voiced its support, due to congregants suffering from high interest rates. The Austin Catholic Diocese said about $1 million in charity has gone to Texans who owe a debt to payday lenders.
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