This editorial was initially published in The Dallas Morning News. Guest editorials donвЂ™t necessarily mirror the Denton Record-ChronicleвЂ™s viewpoints.
If you have ever played Whac-a-Mole within an arcade, youвЂ™ll understand that itвЂ™s a challenge to help keep the pay day loan industry from exploiting customers.
Into the previous couple of years, a lot more than 40 Texas towns representing almost 10 million Texans passed regional ordinances to manage lending that is payday. They achieved it because regional city councils heard countless tragic tales of families whom sought fast cash for a automobile fix or medical bill suddenly caught in unpayable cycles of pay day loan financial obligation.
However now at the least three bills in Austin would remove both the liberties of towns to produce these quality-of-life decisions and roll consumer that is back hard-won. These bills are harmful to consumers and metropolitan areas and may be beaten.
HB 3292, sponsored by Rep. Roland Gutierrez, D-San Antonio, with all the help of two Republican users of the North Texas delegation, Reps. Matt Shaheen of Plano and Giovanni Capriglione of Keller, would reopen a lending that is payday called sale-leaseback that the Legislature shut in 2001.