Springfield lawmaker’s add-in can help payday lenders skirt fees that are licensing advocates state

Springfield lawmaker’s add-in can help payday lenders skirt fees that are licensing advocates state

Saturday

SPRINGFIELD – After several 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 cause a “debt trap” for desperate borrowers.

One of the features had been a strategy to impose $5,000 yearly licensing fees 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 might have other some ideas.

Doing his thing early in the day Monday, Rep. Curtis Trent, R-Springfield, included language to a banking bill that lawyers, advocates and town leaders say would shield an amount of payday loan providers from charges focusing on their industry. Continue reading Springfield lawmaker’s add-in can help payday lenders skirt fees that are licensing advocates state