Temple City Council votes yes to regulations for payday loan com - KXXV Central Texas News Now

Temple City Council votes yes to regulations for payday loan companies

TEMPLE, TX (KXXV) -

On Thursday night the Temple City Council voted yes on two ordinances that would affect pay day loan companies.

The first ordinance requires payday loan businesses to register with the city, keep loan records for at least three years and submit state mandated quarterly reports to the director of finance. 

The ordinance also states that the amount of loans can not exceed 20% of consumers monthly income and can't be paid back in more than four installments. 

 Any violation is considered a class C misdemeanor with a fine up to $500.

The second ordinance involved location restrictions.

Pay day loan businesses would have to be 200 ft. from a residential area and can not be on any major streets or highways.

Existing businesses will be grandfathered in and wont have to re-locate. 

To read the summary of both ordinances click here.

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