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Payday Lending Bill Offers No Protection to Cash-Strapped El Pasoans

  

Author:
Celia Cole /(512) 320-0222 x110

April 28, 2005

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The Texas House of Representatives is on the verge of rolling back consumer protection laws designed to prevent unscrupulous lenders from preying on cash-strapped Texans. Lawmakers are getting ready to vote on legislation by Representative Dan Flynn to legalize interest rates as high as 780 percent on so-called "payday" loans. Low-income El Pasoans rely on these high-interest loans when they have trouble paying their bills between paychecks.