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Local lawmaker’s add-in will help payday loan providers skirt town licensing costs, advocates state

Friends from Faith Voices of Southwest Missouri additionally the the indegent’s Campaign protest pay day loans outside Historic City Hall before a town council meeting on April 22, 2019 monday. (Photo: Nathan Papes/News-Leader)

After many years of debate, the Springfield City Council voted Monday to impose new regulations on payday lenders whose high rates of interest can make a “debt trap” for hopeless borrowers.

Among the list of features ended up being an idea to impose $5,000 yearly licensing fees susceptible to voter approval in August, that will go toward enforcing the town’s guidelines, helping people in financial obligation and supplying options to short-term loans.

But lawmakers that are republican Jefferson City might have other tips.

Doing his thing previously Monday, Rep. Curtis Trent, R-Springfield, included language to a banking bill that lawyers, advocates and town leaders say would shield a quantity of payday loan providers from costs targeting their industry.

The bill 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 is now on Gov. Mike Parson’s desk for final approval.

Trent’s language particularly claims regional governments are not permitted to impose costs on “conventional installment loan lenders” if the costs are not essential of other finance institutions regulated by their state, including chartered banking institutions.

Curtis Trent (picture: file picture)

Trent along with other Republican lawmakers stated which had nothing in connection with payday lenders, arguing that “conventional installment loan companies” will vary.

“There’s nothing to avoid the town from placing an ordinance on the payday loan providers, ” Trent stated in a job interview Thursday. “It had not been the intent to quit the town’s ordinance and I also do not expect it’ll be the result. “