Council watch 

click to enlarge 1361273.jpg

Money-changers beware. A proposed ordinance cracking down on predatory lending cleared Council's Governance Committee last week, meaning a full Council could take up the measure as soon as the end of this month.

Championed by downtown Councilman Diego Bernal, the ordinance would cap payday loans at 20 percent the borrower's gross monthly income, while limiting auto-title loans to the lesser of either 3 percent the borrower's gross annual income or 70 percent the vehicle's retail value.




Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.