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

The Springfield City Council voted Monday to impose new regulations on payday lenders whose high interest rates can create a “debt trap” for desperate borrowers after years of debate.

Among the list of features ended up being an idea to impose $5,000 annual licensing charges susceptible to voter approval in August, that could go toward enforcing the town’s guidelines, assisting individuals with debt and providing alternatives to short-term loans.

But Republican lawmakers in Jefferson City could have other some ideas.

Doing his thing previously Monday, Rep. Curtis Trent, R-Springfield, added language up to a banking bill that solicitors, advocates and town leaders state would shield lots of payday lenders from charges focusing on their industry.

The balance 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 really is now on Gov. Mike Parson’s desk for last approval.

Trent’s language especially states regional governments aren’t permitted to impose fees on “conventional installment loan lenders” if the charges are not essential of other finance institutions controlled because of hawaii, including chartered banking institutions.

Trent as well as other Republican lawmakers stated which had nothing at all to do with payday lenders, arguing that “conventional installment loan loan providers” are very different. Continue reading