Councilman Juan Chadis thinks short-term loan providers are preying on Lubbock’s many vulnerable residents, so he’s gearing up to introduce an ordinance directed at managing the industry in Lubbock.
Chadis is hoping Lubbock joins the almost 40 towns and cities throughout the declare that curently have a standard ordinance to decrease the „abusive and predatory lending methods“ of short-term loan providers referred to as payday or automobile name loan providers. These loan providers typically provide tiny loans at greater interest levels due for payment either in the debtor’s next payday or through repayable installments over a length of time.
The ordinance is modeled after having a variation crafted because of the Texas Municipal League and includes restrictions that restrict the total amount of payday and automobile name loans, and exactly how frequently they could be refinanced.
„It really is impacting my region, it is impacting my constituents,“ stated Chadis. „the thing that is last wish to accomplish is close doors, however these are small regulations which have been imposed through the entire state. „Councilman Chadis trying to control lenders that are payday“ weiterlesen