Home Fico score TitleMax challenges Dallas’ new payday loan ordinance

TitleMax challenges Dallas’ new payday loan ordinance

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Law360 (April 13, 2021, 9:18 p.m. EDT) – TitleMax on Friday asked a Texas state court to ban the city of Dallas from applying new restrictions on payday loans and repayment plans, arguing that the city exceeded its authority by passing an ordinance intended to help its citizens avoid predatory lenders.

TitleMax of Texas Inc. and lenders Ivy Funding Co. LLC and NCP Finance LP claim in a Dallas County District Court lawsuit that an amended order, unanimously approved by Dallas City Council in January, is preempted by state law and violates the legal and due process provisions of the constitutions of Texas and the United States, respectively.

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