Liberty’s Work To Regulate Lenders Generates More Interest

Liberty’s Work To Regulate Lenders Generates More Interest

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

The town of Liberty contends it offers the proper to control companies that participate in high-interest lending, regardless of if those companies claim to stay a course of loan providers protected by state law.

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 an ordinance managing high-interest loan providers, whom run under one of many nation’s most permissive pair of state regulations. The neighborhood ordinance describes a high-interest loan provider as a company that loans money at a yearly portion price of 45% or more. (mais…)

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