Council Report: pay day loan amendment passes

Council Report: pay day loan amendment passes

PAY DAY LOAN AMENDMENT

The Fort Worth City Council, at its last conference of the season Tuesday moneylion loans payment plan, addressed used an ordinance addressing payday and automobile title loan providers.

The council voted to amend the “Licenses and Miscellaneous Business Regulations” regulation to incorporate “Credit Access organizations” to your code to ascertain laws for such company. The amendment relates to enrollment of these companies, limitation on extensions of credit and record maintaining conditions.

The vote had been not even close to unanimous, nevertheless, moving by a margin that is 5-3. District 3 Councilman Brian Byrd, District 4 Councilman Cary Moon, and District 5 Councilwoman Gyna Bivens voted against it. Continue reading