City Court Filing Defends Ordinance; Business Says It Varies From Payday Lenders
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The town of Liberty contends it offers the proper to regulate companies that participate in high-interest financing, just because those companies claim to stay in a course of loan providers protected by state legislation.
The Northland city defended a recently enacted ordinance as a вЂњvalid and lawful exercise,вЂќ and asked that a judge dismiss a lawsuit brought by two installment lending companies in a recent legal filing.
Liberty year that is last the most recent of a few Missouri urban centers to pass through an ordinance managing high-interest loan providers, whom run under one of many nationвЂ™s most permissive group of state laws and regulations.
The neighborhood ordinance describes a high-interest loan provider as a small business that loans money at a yearly portion price of 45% or more.
After voters passed the ordinance, which calls for a yearly $5,000 license cost and enacts zoning restrictions, the town informed seven companies that when they meet with the conditions laid call at the ordinance they need to make an application for a license. Continue reading “LibertyвЂ™s Work To Regulate Lenders Generates More Interest”