Payday Lending by Any Other Name Is Still Payday Lending: Closing the Credit Service Organization Loophole

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Don Baylor /(512) 320-0222 x 108

February 21, 2011

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A thriving economy needs access to credit to create jobs and stimulate economic growth. Many Texas working families living paycheck-to-paycheck also need consumer credit to bridge the gaps between their income and basic needs. Consumer credit products should have protections, enabling Texans to meet their obligations while building their credit. Unfortunately, the Texas Credit Service Organization (CSO) loophole allows payday and auto-title lending without state oversight and consumer protections. On Tuesday, February 22, the Texas Senate will hear testimony on Senate Bill 253 to close the CSO loophole, restore consumer protection, and create opportunity for Texans.