TitleMax Challenges Dallas' New Payday Loans Ordinance
Law360 (April 13, 2021, 9:18 PM EDT) -- TitleMax asked a Texas state court Friday to prohibit the city of Dallas from enforcing new restrictions on payday loans and repayment plans, arguing the city overstepped its authority when it passed an amended ordinance intended to help its citizens avoid predatory lenders.
TitleMax of Texas Inc. and lenders Ivy Funding Co. LLC and NCP Finance LP claim in a Dallas County District Court lawsuit that an amended ordinance, unanimously approved by the Dallas City Council in January, is preempted by state law and violates the due course of law and due process provisions of the Texas and U.S. Constitutions, respectively.
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