Texas Payday Lenders Face New Rules, Scrutiny
Payday lenders are about to come under the microscope.
New laws aimed at curbing predatory lending take effect this week, meaning payday and auto title loan businesses will have to be licensed by the state and post a schedule of fees in a visible place, similar to the overhead menus seen in fast food restaurants.
Proponents of the new regulations passed by lawmakers during the 2011 session say they're needed because the practice of offering short-term, high-interest loans to consumers has led thousands of Texans into a cycle of debt and dependency. Lawmakers heard horror stories about consumers being charged interest rates in excess of their initial loans.
Absent these regulations, the number of payday loan businesses in Texas has more than doubled, from 1,279 registered sites in 2006 to more than 3,500 in 2010. Opponents say this industry has flourished because of a 1997 law intended to give organizations flexibility to help people repair bad credit. A loophole allowed payday lenders to qualify, giving them the freedom to operate without limits on interest rates.
Though the new laws took effect on Jan. 1, state regulators have been working for months to finalize the language of the rules, and businesses are in the process of coming into compliance. Eventually, lenders will be required to disclose more information to their customers before a loan is made, including the cost of the transaction, how it compares to other types of loans and interest fees if the payment is not paid in full.
Rob Norcross, a spokesman for the Consumer Service Alliance of Texas , which represents the payday and auto title lenders, said his industry welcomes the increased scrutiny, even if it means some businesses may not qualify to remain open.
“You want people to meet certain standards to operate these businesses,” Norcross said. “Having uniformity and transparency in cost disclosure is probably good for competition, which will be good for customers.
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In the midst of the regulation debate in the Texas Legislature, Bishop Joe Vasquez of the Catholic Diocese of Austin testified that nearly 20 percent of the people the diocese was assisting had reported using payday and auto title loans — and that
New laws aimed at curbing predatory lending take effect this week, meaning payday and auto title loan businesses will have to be licensed by the state and post a schedule of fees in a visible place, similar to the overhead menus seen in fast food
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Some states like Sc have placed limits about the fee amount allowed. Sc law limits this fee to 15% of the amount borrowed. If you decide to look at this in a yearly APR it would be 390% interest.
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