Springfield lawmaker’s add-in may help payday lenders skirt licensing costs, advocates state

Springfield lawmaker’s add-in may help payday lenders skirt licensing costs, 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 high interest levels can make a “debt trap” for hopeless borrowers.

Among the list of features ended up being a strategy to impose $5,000 licensing that is annual susceptible to voter approval in August, that will go toward enforcing the city’s guidelines, assisting people with debt and supplying options to short-term loans. Continue reading “Springfield lawmaker’s add-in may help payday lenders skirt licensing costs, advocates state”