Dallas Council Wants Fewer Payday Loan Stores

Tuesday, Apr 26, 2011  |  Updated 11:59 AM CDT
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Dallas Council Wants Fewer Payday Loan Stores

NBCDFW.com

State lawmakers are considering a law to cut high interest rates chared by stores like Payday and Title Loan.

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A vote is scheduled in Dallas this month to clamp down on payday and title loan stores.

At two committee meetings this week, council members told their staff to write a new law restricting the number of those stores, how close they could be to one another and how close they could be to residential areas, according to DallasNews.com.

Several suburbs, including Irving, Mesquite and Richardson have already passed similar laws.

State lawmakers are also considering a law to cut interest rates charged by the stores, sometimes going as high as 500 percent. 

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