In a last-ditch effort to salvage payday loan reform, Rep. Mike Villarreal called on a recalcitrant Texas House committee to send legislation to the House.
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As serendipity would have it, I had stumbled onto the latest mutant creature in the wild and wooly world of Texas payday lending. “What you’ve come across is really important,” said Ann Baddour of Texas Appleseed. “It looks like they have found a loophole within a loophole.”
Naivi Garcia doesn’t think of herself as a statistic, but she’s one of the many Texans—an average of 93 each day—who have their cars repossessed by auto-title lenders, according to reports from the state Office of Consumer Credit Commissioner. It’s the first time the state has collected consumer data from the payday loan and auto-title lending industries.