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 вЂњvalid and lawful exercise,вЂќ 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 nationвЂ™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…)