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

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

After many years of debate, the Springfield City Council voted Monday to impose brand new regulations on payday loan providers whose high interest levels can cause a «debt trap» for hopeless borrowers.

Among the list of shows ended up being a strategy to impose $5,000 licensing that is annual susceptible to voter approval in August, that will get toward enforcing the town’s guidelines, assisting individuals with debt and supplying 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 town leaders say would shield a quantity of payday loan providers from costs targeting their industry.