Yup, you read that right. Just when you thought you had heard it all with the recent report that a payday lender is in charge of running the regulatory agency for the industry in Texas, score one more for the pay day lending industry.
In El Paso according to a recent agreement made with the local metropolitan authority, the Camino Real Regional Mobility Authority, Ace Cash Express will begin selling toll tags and collecting tolls on behalf of the transportation authority beginning January 8th.
Click below the jump to read more about how the pay day lending industry is helping to collect tolls and issue toll passes. The Camino Real Regional Mobility Authority is charged with implementing the first toll road in the region and has partnered with the North Texas Tollway Authority. The NTTA currently, according to a statement given to the El Paso Times, doesn't have the infrastructure to operate an office that deals with all the collections and the billings for the toll road.
Ace Cash Express is a pay day lender that provides title loans, and debit card services. The payday lending industry is overseen by the Texas Finance Commission which, as Shelby reported just earlier today, is run by a pay day lender.
Currently there are no rules or regulations to the amount of interest placed on a pay day loan, and there is also no limit to the amount of additional fees that can be incurred on one individual loan.
And you guessed it, there is a convenience fee to set up a toll account with Ace Cash Express.
There have been minor efforts to regulate the payday industry, but all have failed to pass. Many bills were introduced but SB 1247 was the most recent effort, which passed the Senate but did not get out of committee on the House side.