Texas Lawmakers Want Payday Lenders To Unveil Backers

Law360, New York (March 18, 2013, 2:17 PM EDT) -- Two Texas lawmakers have introduced legislation that would force the state's payday and auto title lenders to reveal their financial backers in an effort to curb predatory practices against consumers.

State Rep. Eddie Rodriguez, D-Austin, and state Sen. Wendy Davis, D-Fort Worth, said in a March 12 statement that transparency is needed in the payday lending industry to prevent monopolies amongst lending companies and to ensure such companies comply with the law.

"We've been trying to find out who the big money interests are that benefit...
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