Springfield lawmaker’s add-in helps payday lenders skirt fees that are licensing advocates say
Saturday
SPRINGFIELD – After many years of debate, the Springfield City Council voted Monday to impose brand brand brand new laws on payday loan providers whose high rates of interest can cause a “debt trap” for hopeless borrowers.
One of the features had been an idea to impose $5,000 yearly licensing charges susceptible to voter approval in August, that could get toward enforcing the town’s guidelines, assisting people with debt and supplying options to short-term loans.
But Republican lawmakers in Jefferson City could have other tips.
Doing his thing previously Monday, Rep. Curtis Trent, R-Springfield, included language to a banking bill that solicitors, advocates and town leaders state would shield a wide range of payday loan providers from charges focusing on their industry.
The balance 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. It really is now on Gov. Mike Parson’s desk for last approval.
Trent’s language especially states regional governments aren’t permitted to impose charges on “conventional installment loan lenders” if the charges are not necessary of other finance institutions managed because of their state, including chartered banking institutions.
Trent along with other Republican lawmakers stated which had nothing at all to do with payday lenders, arguing that “conventional installment loan loan providers” vary.
“There’s nothing to end the city from placing an ordinance on the payday lenders,” Trent stated in a job interview Thursday. “It had not been the intent to prevent the city’s ordinance and I also do not expect it should be the result.”
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