Sulphur Springs City Council to Vote Tonight on Second Reading of Ordinance Regulating Credit Access Businesses(Payday Lending)

by Front Porch News 0

Galyean Banner

 

Tonight the Sulphur Springs city council will vote on a second reading of a local ordinance that will place restrictions on credit access businesses more commonly referred to as payday lenders. Payday lenders in Texas exploit a legal loophole by charging “fees” associated with obtaining an extension of consumer credit. These “fees” are not capped and are not considered interest when determining compliance with usury laws. Sulphur Springs joins over 50 other municipalities state-wide that have taken steps to close that loophole. Please watch the video from local pastor Joel Tiemeyer below.
 

 

 

 

SS Dodge Sidebar 12

 

HVC Sidebar One

 

JR SERVICES 3