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Payday Lending Reform in Austin!
The 82nd Texas Legislature passed two laws this session that would regulate payday lending operations. Unfortunately, a third law that would end the cycle of debt did not pass. City councils are taking matters into their own hands and passing local ordinances that would curb the cycle of debt. At the Austin City Council meeting this Thursday, August 18th at 10am at City Hall, Councilperson Bill Spelman is bringing forward two items to address the cycle of debt.
These two items that among other things will prohibit payday and auto title lenders from issuing loans to people who cannot afford to repay them by limiting the amount the borrower can obtain based on their income. Many of the clients we serve are trapped in these outrageous loans and as a result spend hundreds if not thousands of dollars in fees and interest.
TAKE ACTION: Send an email using the one attached or write your own to all of your city council members requesting their support for items number 75 and 79 on the August 18th City Council agenda. Click here to email all city council members or email individual city council members! Their contact information is also attached.
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