Dallas’ City Council has gone to bat for consumers against payday lenders in a unanimous decision to pass regulations aimed to help consumers pay off the debt from these predatory loans. The City Council has acted in response to a lack of legislation from the state level. Dallas City Councilman, Jerry Allen, said in an NBC DFW report about the new city regulations that “this is as strong a teeth that we can put into this and it sends a message that we will not tolerate our citizens bring taken advantage of.”
Virginians can easily relate to Allen’s concern that the state is not doing enough to protect consumers. On the 23rd of June, The Virginian-Pilot blasted the state legislature for ignoring the wants of its constituents. Despite calls for regulation of predatory lenders from the Federal Government, Consumer Advocates, and borrowers, the number of predatory lending locations in Virginia has increased dramatically since the end of 2010. The Virginian-Pilot seems to think it might have something to do with political contributions on the state level in excess of $200,000.
Texans and Virginians can still stay optimistic, as the Attorney General of Arkansas, Dustin McDaniel, filed a suit against an internet payday lender based in Kansas. The suit comes after successful efforts to eliminate “usurious storefront payday lending in [Arkansas,]” as McDaniel put it in an article on the Arkansas Attorney General's website.
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