Payday Loans Dallas Texas

Payday lending bills get Senate approval

Senators have taken the plunge into the reform of payday loans Monday, passing two House bills that put some oversight of the industry largely unregulated in Texas.

Senator John Carona, R-Dallas, said the law represents a "compromise very, very delicate" between consumer groups and industry of payday loans and car title.

The legislation by Rep. Vicki Truitt, R-Keller, requires more disclosure by lenders on their fees and requires companies to obtain licenses and report data to a state agency.

Sen Wendy Davis, D-Fort Worth, and SenatorRoyce West, D-Dallas, driven by regulation and a cap on fees. The proposals do Truitt cap costs, which can often climb as high as 500 percent.

Those who take payday loans and can not pay for the ride over, incurring costs and sometimes even falling into a cycle of debt.

"Historically, Texas has adopted a hands-off approach to regulating this industry," Davis said in an impassioned speech, urging senators to think about those who are trapped in rolled over loans. "They are poor, they have no voice and they are not here in the halls of the Capitol."

Davis and West said they wanted to add several amendments to the legislation, but decided not to, in most cases, in order not to jeopardize the passage of bills. " West tried an amendment, and it was filed. Davis said the bills are "the smallest bit of progress," but include a few steps back.

"If we do something, we will just set us back another two years," said Carona. He said that there will be a further review of the industry before the next legislative session in 2013.

Consumer groups such as the impact of Texas, the AARP and the Baptist Christian Life Commission supported the bills, like the Alliance of consumption of Texas, an industry group.

A third bill by Truitt with tighter restrictions on lenders did not enjoy the support of industry and died in the House. The two surviving bills, which were amended in the Senate, now heads to the House.

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