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

Thursday, January 14th, 2021


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

One of the shows was an agenda to impose $5,000 licensing that is annual susceptible to voter approval in August, that could get toward enforcing the town’s guidelines, assisting individuals in financial obligation 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 state would shield a quantity of payday loan providers from costs focusing on their industry.

The balance passed the House that time and cruised through the Senate the following. (more…)