Following Oklahoma’s lead, The Volunteer State become the second state in the nation to rein the predatory lawsuit lending industry. These often predatory lenders take advantage of legal consumers when they are most vulnerable, offering easy “up-front” cash, and then charging interest rates as high as 150%. Attempts were made during the 83rd Texas Legislative Session to bring these lenders under the same regulatory mechanisms as traditional lenders in Texas but were unsuccessful. While Texas lags behind in this area of reform, Louisiana, Missouri, South Carolina, and Rhode Island are all considering lawsuit lending regulation bills. To read the full release on the legislation, click here.
