Houston City Council restricts payday loans

Houston City Council restricts payday loans

Houston City Council passed an ordinance Wednesday that puts restrictions on payday loan lenders.

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by KHOU.com staff

khou.com

Posted on December 18, 2013 at 7:35 PM

Updated Thursday, Dec 19 at 10:51 AM

HOUSTON – Houston City Council passed an ordinance Wednesday that puts restrictions on payday loan lenders.

The new law limits a loan’s size and how often it can be refinanced.

Mayor Parker said she hoped lawmakers in Austin would pass a statewide law restricting payday loans. The new measure takes effect July 1, 2014.

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