Fourth Texas City Passes Ordinance Limiting Payday Loans

The El Paso, Texas City Council approved an ordinance to regulate payday and car title loan businesses.  El Paso is the fourth city in Texas to adopt such an ordinance after Dallas, Austin, and San Antonio.  The ordinance limits payday loans to twenty percent of the borrower’s gross monthly income and auto-title loans to either 3 percent of the borrower’s gross annual income or 70 percent of the vehicle’s value.  The ordinance limits installments to four and rollovers and renewals to three. 

Read the full story in the El Paso Times.