Payday Lenders Give Big Money to Lawmakers
Killeen retiree Preston White is readying for battle against the payday loan industry in Texas after a lender charged him sky-high fees and threatened to take his truck. “We have committed ourselves to trying to fight this,” White said.
He’d better start loading his war chest with cash.
Companies that offer short-term consumer loans and want to avoid state regulation gave Texas officials more than $1.4 million in campaign contributions over the past nine years, Texas Ethics Commission records show. And critics of the lending practices argue the industry got what it paid for when it comes to ...
Comments (2)
jpt51
Open letter to Rep. Gattis and Sen. Ogden who represent me in the Legislature.
Thanks for enabling payday loan companies to prey on the poor and most vulnerable among society. Yes they take a greater chance but allowing people to earn a 500% return should be illegal. What are you going to do to prevent this legal thievery? We have a governor who is like former Illinois Rod Blagojevich.whos crony friends feed at the trough of state government but allowing this gouging of the public to continue is unconscionable. Fix the mess before you walk away Sen. Ogden and don't think we trust you Rep. Gattis to be a senator. Iif you can close your eyes on this issue, what other special interest will you cave in to - to go along to get along?
Drewwasson
A story about payday loans and the ledge is not complete without mentioning State Rep. Gary Elkins.
On his linkedin.com page, Rep. Elkins lists that he helped "pioneer" the current quick loan process and that one of his strengths is his network of government reps in and outside of Texas.