College Station Council Approves Payday Lender Regulations

College Station has five credit access businesses, better known as payday lenders and auto title loan companies.

The city council Thursday night voted to impose regulations similar to what was recently passed in Bryan.

David Brower of the community development office also says the amount of auto title loans are capped at 30 percent of a customer’s gross income or 70 percent of the retail value of the vehicle. And the maximum payday loan is 20 percent of the lender’s gross income.

As in Bryan, regulations won’t take affect in College Station for six months. And enforcement will be on a complaint basis.

Click HERE to read the ordinance and background information presented to the council.

Click HERE to read David Brower’s blog.

Click below to listen to David Brower’s presentation and city council discussion.

 

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