Moving more than a week ahead of its regular schedule, the Bryan City Council Monday morning unanimously approved final action establishing new regulations on payday lenders and auto title loan businesses.
Starting in August, regulations for Bryan businesses who offer short term loans at high interest rates caps what can be borrowed at 20 percent of a borrower’s gross monthly income. The amount of an auto title loan may not exceed three percent of the borrower’s gross monthly income or 70 percent of the retail value of the vehicle. The loan has to be repaid in four installments of at least 25 percent of the principal. These businesses will also have to register with the city and keep three years of records and make them available for city inspection.
Click HERE to read the ordinance governing “credit access businesses”.
In the works for more than a year, the council Monday morning approved changes to Bryan’s wrecker ordinance take starts to take effect on Friday. The approval was over the requests not to prohibit drivers with felony convictions in the last ten years from taking non-consent tows and enter contracts with apartment complexes and other private property owners. Police Chief Eric Buske says city permits issued last year are still valid until March 14th.
Click HERE to read the wrecker ordinance as approved by the council.