Two years ago, state lawmakers passed a couple of timid rules regulating businesses that make short-term, high-interest loans. Going where the Legislature failed to go, Austin, San Antonio, Dallas and El Paso since have passed rules more tightly restricting so-called payday lenders whose fees and charges have earned them a predatory reputation.

Payday lenders want the Legislature to pass additional regulations during the current session because, they say, they need the consistency that comes with statewide rules. And, they argue, cities don’t have the legal right to regulate their fees and charges.

Some of the rules cities have passed are zoning rules that restrict where payday lenders can do business. Zoning regulations are a matter for local governments, not the Legislature. But, yes, when it comes to regulating terms offered by lenders, statewide rules would be better, and not just for the industry but for consumers throughout Texas.

So the Legislature should give payday lenders the statewide rules they say they want, but not as the industry would prefer — as weakened versions of the measures that have passed locally. The regulations passed by the Legislature in 2011 required payday lenders to register with the state and to post their fees and terms of service. They were a start but were insufficient.

Tougher restrictions failed in 2011. They should pass this session, starting with lawmakers closing the loophole in the state’s usury law that allows payday lenders to charge exorbitant fees and interest rates. Legislators also should limit the number of times a payday loan can be rolled forward to break the cycle of debt that traps too many borrowers.

Payday lenders loan small cash amounts, often less than $1,000, that typically must be paid back in two weeks. A fee is charged on the loan, and if it can’t be paid back on time, lenders extend the loan, adding another fee when they do so. Fees on payday loans equate to usurious annual interest rates of several hundred percent, and a loan of a few hundred dollars can turn quickly into a debt two or three times the amount of the original loan.

Auto-title loan companies operate similarly to payday lenders. Borrowers put up their car title as collateral for a cash loan and either pay off the loan with fees and interest in a short period of time or roll the balance into a new loan with new fees. Again, loan charges amount to usurious annual interest rates.

The Austin City Council, following examples set in other Texas cities, passed an ordinance in August 2011 that requires payday lenders to register with the city, caps cash advances and restricts the number of times a borrower can refinance a loan. Last year, the council used the city’s zoning authority to limit where lenders can operate.

The payday lending industry counters criticism leveled against it by saying it fills a need among consumers — who are often low-income and minority — who need quick cash but might not qualify for traditional loans from banks or credit unions. The industry says the vast majority of borrowers repay their loans on time.

To try to protect themselves from state regulations, payday lending companies have contributed heavily to lawmakers. A 2011 report by Texans for Public Justice, a legislative watchdog group, found that payday and auto-title lenders had donated $1.4 million to state lawmakers in the 2010 election cycle and had spent up to $8.4 million on lobby contracts between January 2009 and March 2011.

In an editorial published as the Legislature’s first state payday regulations took effect, we wrote, “The modest reforms that survived the 2011 session despite the sums of money spent in opposition should be considered a warning shot.” It seemed more regulations were a matter of time. The time has come. This session should finally see the passage of rigorous payday rules.

This editorial was published in the Thursday edition of the Austin American-Statesman.

Unusual incidents could very well develop that will actually lead to headaches for most in the course of unplanned periods. Grabbing some sort of desired Fast Cash Loans might be a good plan to help folks thr

What really stuck out in the survey was the difference between irrigated and non-irrigated cropland values…irrigated land is a way to protect from the possibility of these droughts, said Nathan Kauffman, a KC fed economist and one of the authors of the survey.

Persistent drought sparked a rush in irrigated farmland sales during the fourth quarter of 2012. Stronger sales vaulted irrigated cropland values in the District 30 percent above year-ago levels, with a 13 percent jump in the fourth quarter alone, the Fed said of its survey, which draws on comments from 232 district bankers.

Non-irrigated cropland and ranchland posted strong annual gains of between 20 and 25 percent.

The KC Fed district stretches across major wheat, corn and cattle states of Colorado, Kansas, Nebraska, Oklahoma and Wyoming along with parts of New Mexico and Missouri.

US Plains Farmland Values

Farmland values are closely tracked by government economists as a gauge of the US economy and health of the banking system. In recent years both crop prices and farmland prices have set records as the burgeoning biofuels industry and record food exports spotlighted the value of hard assets.

In turn, farm income has also set records. But skyrocketing land values have stirred banker fears about the possibility of a ruinous farmland bubble like the one seen in the 1980s US farm crisis, when over-leveraged farmers lost their land when interest rates jumped.

Farm prices are high, but so are commodity prices and interest rates are very low. Those are the two biggest determinants of what farm ground should sell for, said Phil Burns, chief executive of Famp;M Bank in West Point, Nebraska. The question becomes how sustainable are either or both looking longer term? In the short term everything looks fine.

The Kansas City district survey comes after fourth quarter surveys earlier this week from the St Louis and Chicago Fed banks. The latter two surveys covered the northern Corn Belt and central Delta states, with both reporting similar results – strong farm income aided by crop insurance and strong farm spending for land and equipment, partly due to year-end doubts about higher taxes in 2013.

Farmers remain the predominate land buyers, accounting for three-fourth of the sales in the Plains in the fourth quarter. Bankers said farmers used more cash to finance purchases compared to a year ago. Nonfarmers continued to buy land for investment purposes.

Almost all recent auctions were sold to the largest farmers in the area wanting to get bigger. The buyers are strong and most are cash sales, said one banker from northwest Missouri.

Cash rental rates also surged in the quarter, with irrigated cropland up 20 percent and non-irrigated rising more than 14 percent.

Farm Income Strong Despite Drought

Farm incomes rebounded in the quarter despite expectations that drought would hurt profits, the KC Fed said.

Crop incomes remained high, as farm operations with irrigated cropland had less yield loss and sold crops at high prices, while many farm operations without irrigation received crop insurance payments, mitigating losses, the bank said.

Following the autumn harvest crop prices eased back as export demand weakened and ethanol production slowed, providing some relief to livestock producers through lower feed costs. Significantly, cattle and hogs firmed in the quarter improving profits in the livestock sector toward the end of 2012. The district contains the top cattle feedlot states, with the exception of Texas.

Higher farm incomes boosted capital spending and led to improved agricultural lending conditions, although overall loan demand remained low with many grain farmers flush with cash. Loan repayment rates increased at a pace on par with a year ago while interest rates for operating and real estate loans edged lower, the bank survey said.

Although fourth-quarter incomes were better than expected, bankers expressed concerns that drought could affect some areas further in coming months. Farm incomes were expected to drop in Kansas and Oklahoma, as pasture conditions generally remained poor due to ongoing drought. But strong farm incomes were expected to continue in areas with sufficient water availability, the Fed said.

Water scarcity led to differing farm incomes and farmland-value gains by state, the bank added.

(Reporting by Christine Stebbins)

Exceptional scenarios could very well develop that will actually bring about hardship for many folks while in surprising time periods. Getting a suitable desired Fast Cash Loan generally is a good plan to hel

RICHMOND, VA (WWBT) –

Not every text that shows up on your phone is legit. Some messages come with potential danger.

12 On Your Side investigates a text that appears to be from an international financial institution -but its not.

If you get a text directing you to a company promising cash right now, and bad credit is ok, delete the message and spare yourself the trouble.

It may not be a scam, but you could wind up paying a lot for a small loan.

Mary Presley had suspicions from the start that the text on her cell is a bait-and-hook fraud. It claims to come from Wells Fargo Bank – thats the bait.

Wells Fargo has approved you for a $1000 cash loan wired to your account in 24 hours!

It instructs Presley, whos been looking for a job since she got laid off in December, to apply for the fast cash advance from her mobile phone online at cashin2hrs.com. Thats the hook – Presley did not grab.

People have a hard enough time now, said Presley.If these people that do this kind of thing, would work as hard at a legitimate job, they could be millionaires.

When you click on cashin2hrs.com, payday lending options pop up. A long list of short-term loan offers entice people desperate for emergency cash.

Filling out the application means giving up personal and banking information.

The same text thatPresley reported,I forwarded to Wells Fargo Corporate Communications.

That text message is not endorsed by Wells Fargo, said Kristy Marshall. We do not contact our customers in that form.

Also, online payday loans are illegal in Virginia. Its ok to search for a lender online, and even fill out an application, thats all legal – butthe deal must be closed face-to-face.

These type messages are prevalent and have many different company names and numbers attached.

Its one of the hardest crimes to track down, so thats why we just encourage our customers to not give out any information and to come and verify it.

Icalled the number on the text and got a not in service message. An internet search didnt turn up much, except the mystery number is out of Tampa, Florida, Hillsborough County.

Presleyfollowed her instincts and is now focused on alerting others.

Ijust… just need a job.I just want people to be aware because lifes too hard to be cheated. We work to make a living, not to be cheated.

Copyright 2013 WWBT NBC12. All rights reserved.

Distinctive concerns have the ability to rise which will develop into issues for most through unexpected situations. Receiving a real mandatory Online Cash Advance Loan can be quite a great idea to benefit an