AUSTIN (CBSDFW.COM) – 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.

Representative Vicki Truitt (R-Keller), the author of the bill, says payday and auto title lending reform is badly needed. Truitt referred to circumstances surrounding one loan saying, “Edward Martinez in San Antonio borrowed 15-hundred dollars from a payday lender. He has paid in more than $12,000 on it. This needs attention from this legislature.”

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Truitt says there would be no surprises for consumers under her bill since, among other things; it would require the businesses to disclose all the loan terms and conditions. “The bill also requires the disclosure of the interest, fees and annual percentage rate to be charged to a specific consumer at the time the loan is made,” she said.

The bill would also require that the lender tell consumers about other short-term financial solutions, like what it would cost to use a credit card, before signing on the dotted line.

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The bill, HB 2594, already on the governor’s desk requires payday and car title lenders specifically to be licensed and regulated by the state.

In Texas, payday lenders aren’t actually ‘loan companies’, they operate as credit service organizations (CSOs) and don’t have to adhere to fee and interest caps under Texas Finance Code.

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A mid-interest credit card has an annual percentage rate (APR) in the area of 15-percent. For those with a lower credit rating credit card interest rates average in the 25-percent range. In Texas, the rates charged by some payday lenders reach an APR of 500-percent.