Named in the lawsuits are EZ Cash and Quick Cash of the Rio Grande Valley and Cash Today, which has stores statewide. Payday lenders violate Texas' long-standing usury prohibitions.
Lenders charge outrageous interest rates that push many borrowers to the brink of financial ruin.
We are very pleased that General Cornyn's office is taking aggressive action today against these businesses that routinely flaunt Texas laws and prey on our most vulnerable consumers. We also commend Consumer Credit Commissioner Leslie Pettijohn for referring this matter to the AG's attention. In filing these lawsuits, the Attorney General is sending a clear message to these lenders that their abusive practices no longer will be tolerated in Texas. Consumers Union, publisher of Consumer Reports, is an independent, nonprofit testing and information organization serving only the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health nutrition, and other consumer concerns.