San Antonio Limits Payday Loans Despite Lawsuit Threat

Law360, Houston (September 21, 2012, 8:36 PM EDT) -- San Antonio on Thursday joined Dallas and Austin in passing an ordinance designed  to curb predatory lending practices, shrugging off the threat of legal challenges by payday loan companies that claim the cities are violating state law.

Unfazed by pending lawsuits against Dallas and Austin over similar ordinances, the San Antonio City Council voted overwhelmingly to enact restrictions on payday loans that the city claims have saddled residents with high interest rates and huge payments.

A “request for council action” prepared by the city prior to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.