The Dallas City Council passed an ordinance in June that limits payday lenders. According to the Dallas Morning News, the ordinance forces payday lenders and car title shops to register with the city and puts restrictions on the amount of loans that can be extended and the terms of repayment.
The Dallas Council approved the ordinance after some members complained that the high interest short-term loans hurt low-income residents by trapping them into horrific debt cycles. The lenders have filed suit against the city citing that the City of Dallas was trying to put them out of business.
Why don’t we get the Council to write an ordinance against the Federal Government for putting tax payers into horrific debt cycles?
I may try to get the Council in my burg to pass a similar statute.
PMO
©2011
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