New ordinance regulates payday lenders in El Paso

1/8/2014

El Paso city leaders have agreed to move forward with an ordinance that regulates payday lenders.

   The El Paso Times reports (http://bit.ly/KBf6Jh ) that the ordinance will go into effect Jan. 16.

   The ordinance had been approved last year and was set to take effect in July. But it was postponed to give new City Council members time to review it.

   The ordinance caps how much people can borrow and how many times they can renew a loan. It also requires lenders to register their businesses with the city within 60 days. The ordinance also requires payday lenders to provide customers with a form referring them to credit counseling.

   El Paso's ordinance is similar to ones in Austin, Dallas, Houston and San Antonio.


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