Well, what do you know about that? Amarillo City Council is considering an ordinance that regulates payday lenders.

The council had a public hearing today and another is set for next week.

I do hope the council agrees to watch these lenders closely.

Some of the provisions include limiting loans to no more than 20 percent of the borrower’s monthly income; auto title loans would be for no more than 3 percent of the borrower’s gross annual income or 70 percent of the vehicle’s value.

It’s about time the city took up this issue.

I’ve long considered payday lenders to be only a cut — maybe two — above loan sharks. They prey on those looking for quick cash, those who’ve gotten themselves turned upside down financially. They charge significantly greater interest rates than, say, more established lending institutions — you know, banks and credit unions.

What’s equally interesting is that the Amarillo governing council is actually considering a government-mandated regulation. Our city long has employed a hands-off attitude on these matters. Keep government out of legal private businesses’ affairs, the mantra had been.

An ordinance mandating a ban on indoor smoking? Forget about it. Businesses will do it themselves. Put the issue for a vote, the city decided — twice. Voters rejected the ordinance narrowly both times.

Well, a payday lending regulation would help protect those who can become victims of those with cash to throw around while charging the borrowers a huge interest rate in return.

I consider the City Council’s consideration of this ordinance to be a step forward for the cause of consumer protection.

Enact the ordinance.