Pay Day Loans Could Be Regulated

ABILENE, Texas (KTAB) - It was standing room only tonight at a special called meeting for Abilene City Council.

Pay Day Loan businesses dominated the conversation.

The city council has proposed a new ordinance that would regulate the money lending companies.

"I have worked with lots of different people who have suffered as a result of these loans," stated Zach Snyder, who spoke out in favor of the ordinance.

He feels like the businesses are preying on the lower income residents of Abilene.

The owners of those lending companies, however, say that's not the case.

"We don't force people, we don't prey upon these people as folks are saying," added Michael Brown. "We sit in our offices, we do advertising marketing and people know where we are and come in."

Several dozen people spoke either for or against the ordinance.

The Abilene City Council will have a chance to vote on this proposed ordinance at Thursday's regularly scheduled meeting.


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