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Liberty’s Effort To Manage Lenders Generates More Interest. City Court Filing Defends Ordinance; Business Says It Varies From Payday Lenders

Liberty’s Effort To Manage Lenders Generates More Interest. City Court Filing Defends Ordinance; Business Says It Varies From Payday Lenders

City Court Filing Defends Ordinance; Business Says It Varies From Payday Lenders

The town of Liberty contends this has the ability to regulate companies that participate in high-interest financing, even when those continuing organizations claim to stay a course of loan providers protected by state legislation.

The Northland city defended a recently enacted ordinance as a “valid and lawful exercise,” and asked that a judge dismiss a lawsuit brought by two installment lending companies in a recent legal filing.

Liberty this past year became the most recent of a few Missouri metropolitan areas to pass through an ordinance managing high-interest loan providers, who run under among the nation’s most permissive pair of state rules. The ordinance that is local a high-interest loan provider as a company that loans money at a yearly percentage price of 45% or more.

After voters passed the ordinance, which calls for a yearly $5,000 license charge and enacts zoning restrictions https://installmentloansvirginia.org/, the town informed seven companies that they must apply for a permit if they meet the conditions laid out in the ordinance. Continue reading Liberty’s Effort To Manage Lenders Generates More Interest. City Court Filing Defends Ordinance; Business Says It Varies From Payday Lenders