Staff ReportNewsWest 9
MIDLAND - Midland payday loan companies have some new rules to follow.
The midland payday loan ordinance went into effect on September 1st of 2014.
According to the city attorney's office, all the local companies are in compliance.
Under the ordinance, the businesses must register every year with the city and requires that repayment installments to be at least 25 percent of the principal and limited to a total a four payments.
The city says they did this to keep these companies from creating a cycle of debt for their customers.