A payday lending reform bill, dealing with limited state regulation of the industry for the first time, is already sitting on Governor Perry’s desk. Now, a second bill, calling for full disclosure of all of the loan terms, is headed his way.
Legislation requiring payday loan providers to post interest rates, fees and terms of service took another step forward in the Texas Legislature.
Some payday lenders say they will leave the state if new regulations are passed. There are several proposed Senate bills that would put limits on interest rates and fees charged by the lenders.
Texas has sued a payday lender that allegedly misrepresented itself as a government agency in some mailings.