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Payday Loans
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The provisions of sections 3.550 to 3.560 of this code are intended to minimize the detrimental effects that certain payday lending practices have on individuals and families, by regulating payday lenders to require payment of a portion of the original loan amount prior to the renewal of a payday loan, to allow borrowers the ability to cancel a payday loan, and to allow borrowers the ability to convert a payday loan into a payment plan. Except as specifically provided to the contrary, the procedures and requirements of sections 3.015 to 3.080 of this code apply to the activities authorized by sections 3.550 through 3.560.

(Section 3.550 added by Ordinance No. 20372, enacted July 10, 2006, effective July 11, 2006.)