Hello All – as of Monday 5/27 the Regular Session of the 83rd Texas Legislature closed. As you may know, there were no Credit Access Business bills passed and regulations remain the same as they were prior to the Session. A “Special Session” was called and there are only a handful of topics reported to be up for discussion, namely Redistricting.
Going back to February when our group became involved, we have learned much about how the process works in Austin, and also understand first hand that smaller Credit Access Businesses can make a difference. The small business owner-operator/entrepreneur in Texas has a lot to say, and fortunately for us we had an audience this Session with many Representatives and Senators at the Capitol who listened.
We now have some breathing room and freedom to operate without concern of implementing the long list of regulations & rules we saw proposed in many bills this Spring. However, the concern over local City Ordinances remains, and our group should remain mobilized and informed about how we can work against the spread of these burdensome and impractical restrictions.
Our group has the opportunity to prepare for next Session which begins January 2015. We’ll need to work against City Ordinances as mentioned, and also now it will be wise to address many of the issues we saw brought up by industry opponents, such as: “Cycle of Debt,” Income thresholds for loan amounts, refinance limits, and extended payment plans. Planning ahead and staying focused on what we know our opponent’s arguments might be in 2015, will serve us well in the future.
Efforts are underway to finalize an operator Compliance/Education/PR Program that will hopefully command the attention of Lawmakers, Regulators, and Consumer Advocates, and accomplish the objective of getting our Industry ahead of the curve next time around. Updates on the progress of this program, called Borrow Smart, will be sent out when available with a possible roll-out date in July 2013.