Payday lending moratorium extended in Montgomery, Ala.

Payday lending moratorium extended in Montgomery, Ala.

MONTGOMERY, Ala. The Montgomery City Council has extended a moratorium on issuing home based business licenses for payday financing organizations.

Council people voted Tuesday to give a current moratorium that is 90-day half a year. The Montgomery Advertiser stated that Councilman Arch Lee is just a lobbyist for the payday financing industry and recused himself through the vote.

Councilman Richard Bollinger stated the expansion would offer city officials time for you to examine the way the continuing organizations effect Montgomery, in accordance with WAKA-TV. Town leaders are searching to foster a business that is diverse, Bollinger stated, including which he’s not sure of why payday lending companies are focused in particular aspects of the city.

Councilman Charles Smith said the businesses are most likely placement by themselves strategically and may be maintaining other forms of organizations from starting in areas where they truly are predominant, based on the Montgomery Advertiser.

Smith has stated a number of the continuing companies are focused along Atlanta Highway, which can be inside the region. Smith has stated he’s worried that the firms are really a barrier to growth that is economic their area. (mais…)

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Why Apply with a brandname Payday that is new Lender? Metro Council takes aim at payday financing techniques

Metro Council takes aim at payday financing practices

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