Amarillo Planning Ordinance To Regulate Payday Lenders
The City of Amarillo is proposing an ordinance to regulate parts of a certain group of lenders.
There are nearly 25 credit access businesses in Amarillo. Until now they have operated without some of the rules that govern lending from banks and pawn shops.
Among the proposed regulations, companies doing business in Amarillo that make loans will be required to register with the city. The ordinance would also require qualifying loans by percentage of income or on a title loan, based on the value of the car.
The businesses would also be required to have forms in both English and Spanish and the lenders must read the forms to those who are illiterate.
The city has held two public hearings on the issue, encouraging feedback from the community. Mayor Harpole estimates nearly 100 people attended the first public hearing but Tuesday’s meeting had no response from those in attendance.