AUSTINвЂ”Bills pending when you look at the Texas House Investments and Financial Services Committee could split straight down on abuses by payday and auto-title loan providers and assistance protect vulnerable Texans from becoming caught in a period of financial obligation, proponents associated with bills assert.
Republican lawmakers introduced all five bills, underscoring вЂњthe proven fact that protecting poor people is a bipartisan problem,вЂќ said Kathryn Freeman, CLC policy director that is public.
Kathryn Freeman вЂњI have always been hopeful that here is the session we place some meaningful parameters around this industry,вЂќ Freeman stated. вЂњWe believe they could create a profit that is good exploiting the indegent.вЂќ
The CLC reports if borrowers cannot pay off the entire amount of a payday or auto-title loan in two to four weeks, they must pay high fees to roll over the loan, and more than halfвЂ”57 percentвЂ”cannot repay the loan in two weeks.