After several years of debate, the Springfield City Council voted Monday to impose brand new regulations on payday loan providers whose high rates of interest can cause a « debt trap » for hopeless borrowers.
One of the shows ended up being an agenda to impose $5,000 licensing that is annual at the mercy of voter approval in August, that could get toward enforcing the town’s rules, assisting individuals with debt and supplying options to short-term loans.
But lawmakers that are republican Jefferson City might have other tips.
Doing his thing previously Monday, Rep. Curtis Trent, R-Springfield, included language to a banking bill that lawyers, advocates and town leaders state would shield a quantity of payday loan providers from costs focusing on their industry.
The bill 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 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 banking institutions controlled by their state, including chartered banking institutions.
Trent along with other Republican lawmakers stated which had nothing in connection with payday lenders, arguing that « conventional installment loan loan providers » will vary.