City Councilman Todd Klein said he hopes Lubbock can lead the charge to encourage state lawmakers to tighten regulations on payday loans.
Klein says his resolution to legislators reflects concerns residents voiced at recent council and townhall meetings.
Todd Klein, District 3 City Councilman said, "Responsible change at the state legislative level will not only help those people that are making these loans but quite frankly whenever that money is siphoned out of our community into these out of city or out of state companies in considerable numbers, that's money that doesn't circulate in our economy. These people don't get ahead and we also as a community lose out."
Councilman Klein said if Lubbock's City Council passes the resolution on Thursday, other Texas cities could follow suit.
Klein said another potential options down the road, could be to enact local zoning restrictions barring payday lenders from locating in low income areas.
