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Saturday

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.

Among the list of features had been a strategy to impose $5,000 yearly licensing charges at the mercy of voter approval in August, that could get toward enforcing the town’s guidelines, assisting individuals with debt and supplying alternatives to short-term loans.

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

For action earlier in the day Monday, Rep. Curtis Trent, R-Springfield, included language up to a banking bill that solicitors, advocates and city leaders state would shield a quantity of payday loan providers from charges focusing on their industry. Continuar lendo Springfield lawmaker’s add-in may help payday lenders skirt licensing costs, advocates state