Texas AARP to fight against short term lending, auto title loans

The Texas branch of the American Association of Retired Persons has taken up the challenge of contesting short term loans and auto title loans. According to the Midland Reporter-Telegram, the state's AARP will campaign against such practices, which they see as having an adverse effect on Texas residents.

 The paper explains the decision is all part of an initiative to increase consumer protection in the state. In 2010, the group worked with the Texas state legislature to craft new protections for the purchase of annuities. Now the AARP wants to see that protection extended to the insurance and short-term lending industry. Claims from the association state that short term lenders and auto title lenders are not being held to the same standards as other creditors. The news source states that 20 percent of the industries' borrowers are above the age of 50. The AARP is not alone in the fight. According to the Baptist Standard, religious groups in the state testified before the Texas Senate Committee on Business and Commerce regarding their desire to see more legislation in the industry.