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City council considers regulations on cash advance organizations

Tuesday, November 24th, 2020

City council considers regulations on cash advance organizations

Payday, name along with other money that is short-term in Columbia could see stricter laws in the event that Columbia City Council moves ahead by having an ordinance to monitor the industry.

The town council is considering imposing laws on short-term financing establishments, such as for instance payday and title loan providers, to follow along with the lead of St. Louis and Kansas City, that have passed away ordinances to cap the total amount of loans and need information that is certain businesses’ signage.

Kacy Hall, a town administration other for the town of Columbia, presented information to council users earlier in the day this about the prevalence of payday loan companies in Columbia and regulations passed in St. Louis and Kansas City that Columbia could use as a model week.

In Columbia, you will find 23 installment, title and pay day loan vendors, Hall stated. (more…)