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.