In an attempt to produce more safeguards for customers, the Arlington City Council authorized brand new guidelines Tuesday evening for payday lenders.
The vote had been unanimous.
Starting Jan. 1, all payday and automobile title lending companies when you look at the town will undoubtedly be expected to comply with the regulations that are following
- Limit loans to 20 per cent of gross month-to-month earnings
- Limit car name loans to your lower of three % of gross income that is annual 70 % of retail vehicle value
- Limit payment to four installments with repaying at the least 25 % regarding the principal
- Prohibit renewals or refinancing of installment-payment loans
- Enter because of the town
- Preserve loan documents for no less than 3 years
- Translate loan agreements into Spanish or Vietnamese for non-English speakers
- Offer customers with a listing of non-profit groups that provide customer credit guidance
- Spend up to $500 for every single infraction or violation
“I’m happy,” stated Rozanne Veeser, president associated with the Fort Worth Council for the Society of St. (daha&helliip;)