Former Arlington Councilmember Shari Capehart strongly recommended for the ordinances. She was concerned with balancing the need to manage a without pressing from companies from community completely.
a€?We were not contemplating not having them,a€? she said. a€?You should not painting people with similar clean.a€?
Very first, Arlington divided the wide category of financial institutions to demonstrably determine what are banking companies, and preciselywhat are a€?alternative financial institutionsa€? like payday lenders and vehicles title loan providers
Instead, the council crafted a regulation, using the product regulation from the Texas Municipal group, to control the advantage lenders bring over borrowers.
After regulation passed 9-0, Arlington turned the most important town in Tarrant district to pass through limits restricting these kinds of loan providers. (more…)