Tuesday, July 31, 2012

Payday Lenders Move Loans to Avoid Law

As I've noted on this page in the past, Rev. Gerald Britt leads the way in the public policy work orchestrated by CitySquare.  Among the issues we've tackled is the impact of payday lenders on low-income persons and households. 

Earlier this year the Dallas City Council, led by Council Member Jerry Allen, passed two of the most restrictive payday lending ordinances in the nation.  We are most grateful for Mr. Allen's leadership on this crucial issue.

Now, to avoid compliance with the new laws, payday lending companies are moving their loans into suburban offices where the limits on operations are not yet in place. 

You will be able to view a report by WFAA Channel 8 on the issue and recent developments here or in the frame below. 

The fight continues!

4 comments:

Anonymous said...

I have always found the activities of the payday lenders and the Rent to Own establishments to be egrefious. The question is are there any groups -- churches, Central Dallas -- who can offer some sort of alternative under existing financial laws. The need clearly is there

Anonymous said...

Gerald Britt is gutless. He doesn't allow any comments on his blog. BTW what does he do for the $100K a year he receives from CDM?

Liz said...

Will it help the lenders in making some sort of progress if they do move to a suburban community? I hope yes, as it would really be crucial if the transfer will fail this time especially because we are dealing with loans here.

Leone@Payday lenders said...

I’m not sure what I would’ve done if I hadn’t come across such a news like this.I am glad to know this information.