Regulators Warn Payday Lenders to Stop Blatantly Exploiting Loopholes, or else Lawmakers Will Close Existing Loopholes
When the Texas Legislature passed new rules governing the payday and auto-title lending industry in 2011, lawmakers accidentally (or not) left gaping holes large enough to drive large, cash-laden trucks through. It was little surprise, then, that that’s exactly what’s been happening. The Texas Observer’s Forrest Wilder found one of…