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From the 80th Legislature
HB 1046  Eliminate Payday Lending Loophole
Flores
TAGS: consumer credit, payday lending, predatory lending, consumer
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Updated by jeweke
on Feb 1, 2007 13:26:34
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Summary

Prohibits "Credit Service Organizations" from extending credit or having an economic interest in the extension of credit to a client.

Background

Payday lenders in Texas are currently able to avoid state regulation by registering as Credit Service Organizations (CSO)./1/ The CSO registration process was originally designed for credit counseling and repair services.

References and Resources

/1/ Center for Public Policy Priorities Policy Paper on Texas Payday Lending 1/7/06
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