Looks like Houston is now jumping on the bandwagon with a payday and auto title loan ordinance of their own. It is a bit longer than the payday and auto title loan ordinances that I have seen in Dallas, San Antonio, Austin, and El Paso. Gets very much into specifics on the procedure side and is more realistic than other ordinances when it comes to rates, loan amounts, and re-finances.

I have been heavily involved in the topic of payday and auto title loan ordinances lately, and have been working with clients and other industry stakeholders on a lobby effort in Austin this session. In September, the Texas Finance Commission asked the legislature to consider the burden that multiple local ordinances place on businesses who operate in multiple locales. The Finance Commission requested that the legislature “consider amending the Texas Finance Code to more clearly articulate its intent for uniform laws and rules to govern credit access businesses in Texas.”

If this issue is important to you, let your State representatives know and don’t hesitate to check in with us!

Michael Brown of CAB Consulting can be reached at 214-293-8676 or via email at Michael@CreditAccessBusiness.com.