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Springfield lawmaker’s add-in may help payday lenders skirt fees that are licensing advocates state

Thursday, January 14th, 2021

Springfield lawmaker’s add-in may help payday lenders skirt fees that are licensing advocates state

Saturday

SPRINGFIELD – After several 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.

Among the list of features had been a strategy to impose $5,000 licensing that is annual at the mercy of voter approval in August, that could 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 could have other tips.

For action early in the day Monday, Rep. Curtis Trent, R-Springfield, included language up to a banking bill that solicitors, advocates and city leaders state would shield an amount of payday loan providers from charges focusing on their industry. (more…)