Corinth TX Mulls Rules on Lending

November 2, 2013
Denton Record-Chronicle (TX) 
payday lending news

Officials in Corinth, Texas, are contemplating a move to regulate credit-access, payday, and title lending companies within city limits, which would make it the eighth city to do so, according to a Texas Municipal League report. The paper notes that many states have enacted laws “to restrict predatory lending practices, but meaningful reforms have failed to pass the Texas Legislature in the last three sessions.”

Several Texas cities have stepped up with local ordinances to protect residents from some industry practices. Flower Mound became the most recent Texas city to adopt such a measure, requiring lending companies to register with it and restricting where they can operate and how much they can lend. Texas Municipal League officials say, however, that stakeholders representing payday and auto title lenders may file a lawsuit against cities that adopt such ordinances.

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