Newsmonger
Council watch
Published: August 22, 2012
Money-changers beware. A proposed ordinance cracking down on predatory lending cleared Council's Governance Committee last week, meaning a full Council could take up the measure as soon as the end of this month.
Championed by downtown Councilman Diego Bernal, the ordinance would cap payday loans at 20 percent the borrower's gross monthly income, while limiting auto-title loans to the lesser of either 3 percent the borrower's gross annual income or 70 percent the vehicle's retail value.
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