Springfield lawmaker’s add-in may help payday lenders skirt licensing costs, advocates state

Springfield lawmaker’s add-in may help payday lenders skirt licensing costs, advocates state

Saturday

SPRINGFIELD – After many years of debate, the Springfield is avant loans legit City Council voted Monday to impose brand brand brand new regulations on payday loan providers whose high rates of interest can cause a “debt trap” for hopeless borrowers.

On the list of features had been an idea to impose $5,000 yearly licensing charges at the mercy of voter approval in August, that will go toward enforcing the city’s guidelines, assisting individuals in debt and supplying options to short-term loans.

But lawmakers that are republican Jefferson City might have other some ideas.

For action previously Monday, Rep. Curtis Trent, R-Springfield, included language to a banking bill that solicitors, advocates and town leaders state would shield a quantity of payday loan providers from charges focusing on their industry.