A Senate committee in Texas takes up short-term loans today.
The bills threaten the livelihood of such companies, known as credit service organizations, or CSOs, charged Rob Norcross, spokesman for the Consumer Service Alliance of Texas, which represents the industry.
“The bill(s) as written would prohibit credit service organizations from charging a fee for arranging a small, short-term loan,” Norcross said. “If you want to make it illegal to provide (that) service … they are going to be forced to close their doors.”
I sure hope no CFSA members are using this loophole to get around Texas Payday Loan laws, otherwise they are risking their membership. right?
CFSA member companies in Texas are offering a different product offered under Texas law. CFSA, in fact, doesn’t count Texas a payday lending state.
The please explain why your members advertised on their website the following:
Check ‘n Go provides fast payday loans in Texas
EZ Money offers Payday Advances in Texas.
Hypocracy is unbelievable!
In addition to the Texas CSO model, some of our members offer check cashing. We don’t speak for check cashers either. CFSA represents storefront lenders offering payday advances. If companies offer other services from their storefronts, we don’t speak for them. In fact, some CFSA members that offer check cashing belong to the check cashers association as well. What’s so complicated?