So that you can build additional safeguards for buyers, the Arlington town Council approved brand new policies Tuesday nights for payday lenders.
The vote ended up being unanimous.
Starting Jan. 1, all payday and vehicle name financing people within the urban area shall be required to follow the following regulations:
- Restriction loans to 20% of gross month-to-month earnings
- Restrict car concept loans towards the lesser of three percentage of gross yearly money or 70 percentage of shopping auto price
- Maximum payment to four installments with repaying at the least 25 percent of the key
- Prohibit renewals or refinancing of installment-payment financing
- Enroll using the area
- Safeguard mortgage data for at least 3 years
- Translate mortgage agreements into Spanish or Vietnamese for non-English speakers
- Incorporate visitors with a list of not-for-profit organizations that provide credit counseling
- Spend to $500 for each breach or offense