SPRINGFIELD вЂ“ After many years of debate, the Springfield City Council voted Monday to impose new laws on payday loan providers whose high rates of interest can make a “debt trap” for hopeless borrowers.
One of the features ended up being a strategy to impose $5,000 licensing that is annual susceptible to voter approval in August, that could go toward enforcing the town’s guidelines, assisting individuals with debt and providing options to short-term loans.
But Republican lawmakers in Jefferson City could have other some ideas.
For action previously Monday, Rep. Curtis Trent, R-Springfield, included language up to a banking bill that solicitors, advocates and city leaders state would shield lots of payday loan providers from costs targeting their industry.
The balance passed the home that and cruised through the Senate the next day. Continue reading “Springfield lawmakerвЂ™s add-in can help payday lenders skirt fees that are licensing advocates say”