A group from Faith Voices of Southwest Missouri together with the indegent’s Campaign protest payday advances outside Historic City Hall before a town council conference on Monday. (Picture: Nathan Papes/News-Leader)
The Springfield City Council voted Monday to impose new regulations on payday lenders whose high interest rates can create a “debt trap” for desperate borrowers after years of debate.
On the list of shows had been a strategy to impose $5,000 licensing that is annual subject to voter approval in August, that will get toward enforcing the town’s guidelines, assisting individuals with debt and supplying options to short-term loans.
But lawmakers that are republican Jefferson City might have other tips.
Doing his thing 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 an amount of payday loan providers from charges focusing on their industry. Continue reading “Local add-in that is lawmaker’s help payday loan providers skirt town certification costs, advocates state”