Senatorial loan cap proposal faces brief 58th Legislature
Sidelights note the final House version of a loan shark law would still let lenders charge extreme rates on small loans. An amendment to Bruce Reagan's Corpus Christi bill would cap fees on loans from 19 to 35 dollars at 10 percent plus a 3 dollar monthly handling charge for up to two months. For 35 to 70 dollar loans, 3.50 dollars per month for up to four months. for 70 to 100 dollar loans, 4 dollars per month for up to six months.
MENTIONED IN THIS ARTICLE
Austin
House
Corpus Christi
Bruce Reagan
Texas Loan Rates Spark Cartoonish Debate In Austin
The over 100 clause sets annual rates per 100 dollars ranging from 19 up to 100, 16 to 200, 13 for 200 to 300, with scaled 7 per 100 on 1000 to 1500 loans. Rep Joe Cannon calls the House bill Robin Hood in reverse. Senate-House conference looms. Gov Connally and Speaker Tunnell back a quick pass. Governor Connally, Speaker Tunnell, Lt. Gov Preston Smith want Pan American and San Angelo college bills approved. Allen faced resignation pressure in House State Affairs as he balked at funding for 20 Texas colleges. Tuition hikes look unlikely as “from above” signals no increase this year. A Senate monument plan for the 49th Armored Division nears collapse in House State Affairs.
MENTIONED IN THIS ARTICLE
Joe Cannon
Mexia
Senate
House
House Conference Committee
John Connally
Byron Tunnell
Connally
Speaker Tunnell
Preston Smith
Ben John Allen
Longview
Allen
Dallas
Ben Atwell
Dick Morgan
House Tax and Revenue Committee
Atwell
Morgan
Commission On Higher Education
48TH
49Th Armored Division
Texas National Guard
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Roup
Fieldcrest
Bath
Morgan-Jones
Oxfords
Eer
Bouffant
Terry
U. S
Keds
Sitate
Sidelights By
Vern A
Texas
Pharmacist
V. S. Heyt Jr
A. Heyt
Robert Leaf
Robert Wood
Currier
Ives
Grayle
Allen Hardware Company
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