Lawmakers push for more regulation on payday lending
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Several lawmakers and organizations want more regulation for payday lending, car title loans and tax refund anticipation loans.
Sen. Wendy Davis filed two bills at the Texas State Capitol Friday that she says will help create fair lending options, increase competition and better protect consumers.
AARP President Ollie Besterio and several faith-based groups also came out to speak in support of the bills.
"In these hard economic times we know that most families are having a hard time with their budgets and then when they do borrow, it cycles, it keeps going and going and going, keeping them in this financial ruin," Besterio said.
Davis says the bills would extend similar oversight of traditional lending institutions and create fair competition, as some loans can exceed 500 percent interest.
Similar legislation is also being considered in the Texas Senate.