After many years of debate, the Springfield City Council voted Monday to impose brand new laws on payday loan providers whose high rates of interest can make a “debt trap” for hopeless borrowers.
One of the shows had been a plan to impose $5,000 licensing that is annual at the mercy of voter approval in August, that will get toward enforcing the town’s guidelines, assisting individuals in debt and supplying options to short-term loans.
But Republican lawmakers in Jefferson City might have other tips.
For action early in the day Monday, Rep. Curtis Trent, R-Springfield, included language up to a banking bill that lawyers, advocates and town leaders state would shield a quantity of payday loan providers from charges focusing on their industry.
The bill passed the home that and cruised through the Senate the next day. Every Greene County lawmaker in attendance voted in benefit except House Minority Leader Crystal Quade, D-Springfield. Continue reading “Springfield lawmakerвЂ™s add-in can help payday lenders skirt fees that are licensing advocates state”