Midland, Texas, is the latest in a growing number of cities proposing an ordinance that affects payday lenders, or credit access businesses.

The proposed ordinance, discussed but not voted on during a Midland City Council meeting Tuesday, would require payday lenders to annually register with the city, make restrictions on the loan amounts and the refinancing, and file documentation for each loan that is made, according to the Midland Reporter-Telegram.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.