Amarillo City Council talking about regulating payday lending - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Amarillo City Council talking about regulating payday lending

Posted: Updated:
Amarillo, TX -According to some of our city council members, payday lending is a problem in our area.

That's why they've decided to start discussing some ways to regulate it.

City Council Member, Lilia Escajeda says it is not hard to spot payday lending services in Amarillo. "They're virtually everywhere," said Escajeda.

And many might think payday lending is the way to go because these loans are fast and don't require a credit check, but these loans can put people in more trouble. "In Texas, we have the highest payday lending rate of all the states that allow payday lending," said Escajeda.

According to Escajeda, interest rates can sometimes be over 500%. "I think it's time to do something about that," said Escajeda.

Right now, the state of Texas does not regulate payday lending. So, Amarillo City Council is looking at other cities in Texas to see if what they are doing could work in Amarillo.

"In some instances they've regulated where they can be located in other areas and regulating how many times someone can refinance a loan," said Escajeda.

In terms of auto title loans, is the city is considering not being able to take out a loan that is larger than the value of the car. City Council Member, Brian Eades says somebody needs to step in to talk about essential fairness. And although many council members agree pay lending is unfair, some are concerned about what ordinances to enforce.

"Texas has always been a place of rugged individualist and we're very hesitate to limit people rights, but I think more and more Texas lawmakers are becoming sensitized to this issue," said Eades.

Right now, The City Council is setting up a time and date when they can engage with community members to talk about some of the issues with payday lending.

Once the city as decided on an ordinance, they will discuss the violations associated with it.
  • Local NewsLocal NewsMore>>

  • Prosecutors charge Oklahoma officer with rape

    Prosecutors charge Oklahoma officer with rape

    Saturday, August 30 2014 9:40 AM EDT2014-08-30 13:40:59 GMT
    An Oklahoma City police officer has been charged with 16 counts that include rape and sexual battery after authorities said he attacked at least eight women while on patrol.
    An Oklahoma City police officer has been charged with 16 counts that include rape and sexual battery after authorities said he attacked at least eight women while on patrol.
  • SkyWARN 7 Forecast

    SkyWARN 7 Forecast

    Saturday, August 30 2014 5:42 AM EDT2014-08-30 09:42:33 GMT
    Weather- Clear Skies RotatorWeather- Clear Skies Rotator
    Temperatures Climbing Back Up...
    Temperatures Climbing Back Up...
  • Duncan doctor acquitted of assault and battery

    Duncan doctor acquitted of assault and battery

    Saturday, August 30 2014 12:17 AM EDT2014-08-30 04:17:30 GMT
    Duncan,OK_ A Stephens County jury acquitted Dr. Oscar Morales Friday on a charge of assault and battery with a dangerous weapon. The jury deliberated just over six hours before reaching their decision. Throughout his trial, Morales admitted to shooting his ex-wife's boyfriend, Kelly McKinnon, in front of her home in August of last year, moments after he went there to drop off their children. He claimed he shot McKinnon in self-defense when he was confronted and feared for his life. The state...
    Duncan,OK_ A Stephens County jury acquitted Dr. Oscar Morales Friday on a charge of assault and battery with a dangerous weapon. The jury deliberated just over six hours before reaching their decision. Throughout his trial, Morales admitted to shooting his ex-wife's boyfriend, Kelly McKinnon, in front of her home in August of last year, moments after he went there to drop off their children. He claimed he shot McKinnon in self-defense when he was confronted and feared for his life. The state...
Powered by WorldNow
KSWO-TV, 1401 SE 60th Street
Lawton, OK 73501

Telephone: (580) 355-7000
Fax: (580) 357-3811
Email: news@kswo.com

All content © Copyright 2000 - 2014 Worldnow and KSWO. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.