Austin (KXAN) - The Austin city council has taken the first step in putting restrictions on so called, payday lenders and auto title loan companies inside the city limits.
During Thursdays Council meeting the seven told the city manager to create an ordinance that will limit where payday lenders can set up shop and how much money they can lend.
The new ordinance will not allow pay day lenders to open up shop within 1000 feet of each other, 200 feet of a residential area and 500 feet from a major highway intersection.
It will also keep new payday lenders from opening up in most of East Austin and the University of Texas area.
The ordinance will also make it illegal for pay day lenders to loan someone more than 20-percent of their monthly income.
The council used statistics from the feds saying many payday lenders and auto title loan businesses charge 300-500 percent interest rates.
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