Dallas City Council Member Jerry Allen Goes to Austin to Cash Out Payday Lenders



At its meeting two weeks ago, the Dallas City Council passed a resolution urging the state Legislature to crackdown on payday lenders and "to pass any necessary legislation to protect the citizens of the State of Texas who may find themselves with no alternative but to seek the type of short-term, high-interest, unregulated loans offered by credit service organizations." The kind of legislation, say, proposed by state Sen. Royce West, whose SB251 would severely limit the definition of a "credit service organization."

Which is how city council member Jerry Allen found himself yesterday in front of the Senate Committee on Business & Commerce, pleading with the state senators to protect the "long-term financial health of our Dallas citizens."
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khoerner
khoerner

OMG! Jerry Allen is DOING something?!?

Hannibal_Lecter
Hannibal_Lecter

Allen's biography lists him as "Senior Vice President, Colonial Bank".

In other words, if you can't beat the competition fairly, get the legislature to do it for you.

Anonymous
Anonymous

Instead of asking them to crackdown on payday lenders, why not advocate for a better social safety net? The will help the people "who may find themselves with no alternative but to seek the type of short-term, high-interest, unregulated loans offered by credit service organizations" much more than simply outlawing these credit services. Also, since the largest payday lender in the country is based in Ft Worth, don't count on this to go anywhere.

TimCov
TimCov

Yes, let's get rid of those PayDay lenders. Instead, the poor people can either do without or turn to guys will break their arms if they don't pay on time. I've been at the level of income poverty and credit where I needed a payday loan to take care of an emergency until I got paid. Believe me, it is better than the alternatives. The trick is to not borrow to much and pay it back as soon as possible.

Montemalone
Montemalone

The landlords on Lemmon Ave aren't gonna go for that. Half the spaces would end up vacant.

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