Members of the Texas House are working on a new bill that would directly affect the payday loans industry.
This new bill, sponsored by state Rep. Vicki Truitt, R-Keller, is designed to curtail the efforts of the short-term credit industry. Many have come to disparage the industry, saying that it preys on those with poor financial histories, often putting them into more debt than they can handle. To counteract this, the bill would require lending agencies to provide more information to their customers about fees and interest rates associated with payday loans. The bill would also force these agencies to inform customers about other methods of credit.
Rep. Gary Elkins, R-Houston, said that the bill would put an undue burden on smaller credit-extending agencies. Elkins himself owns a payday loan business in the state of Texas.
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