Craddick Files Bill Closing Payday Loan Loophole
By: Dylan Brooks
Updated: December 10, 2010
AUSTIN -- Texas Representative Tom Craddick has filed legislation that takes aim at the payday loan industry.
House Bill 410 would close a loophole that allows payday and auto title loan companies to act as lenders, without having to follow state regulations for lending institutions. This would fix the credit services organization act and put the same regulations on those companies, leveling the playing field.
Right now these companies can lend out money without a license and state regulation.
House Bill 410 would close a loophole that allows payday and auto title loan companies to act as lenders, without having to follow state regulations for lending institutions. This would fix the credit services organization act and put the same regulations on those companies, leveling the playing field.
Right now these companies can lend out money without a license and state regulation.
