Following a dramatic false begin Thursday, the top pay day loan reform bill tediously-negotiated by Sen. John Carona (R-Dallas) effortlessly cleared the Senate. Not before senators decided to modifications that will pretty much destroy the payday and auto-title industry in Texas. You read that right: The Texas Senate fundamentally voted for legislation that will power down all the payday and title stores that are lending Texas.
During the period of 15 amendments, Senate Bill 1247 went from milquetoast to something which Ralph Nader would lavish with praise. The difficulty is the fact that it could supply the lending that is payday, having its legions of high-paid lobbyists, an opening to carry the whole lot down.