City of Amarillo hosts payday & title loan workshop to educate c - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

City of Amarillo hosts payday & title loan workshop to educate community

Amarillo, TX - The City of Amarillo is looking into creating an ordinance to regulate payday lending in our area.

The city held a meeting to help council members work with residents to consider a model ordinance that will support fair interest and fee charges for payday, auto title loans, and other small dollar loans.

A council member, Lila Escajeda, says in order to put an ordinance into place, they will have to conduct several other meetings. "Then we will start looking into what we want the ordinance to look like and we will follow TML guidelines because they have already used an ordinance or used a model that other Texas cities have adopted," said Escajeda.

Out of all the states that allow payday lending, Texas has the highest interest rates.

To help educate residents and council members the city had two speakers who have been involved in creating ordinances for the city of Dallas.

The city says they plan on holding more meetings in the future.
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