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Liberty’s Effort To Regulate Lenders Generates More Interest

Liberty’s Effort To Regulate Lenders Generates More Interest

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

The town of Liberty contends it offers the ability to regulate organizations that participate in high-interest lending, regardless if those continuing companies claim to stay a course of loan providers protected by state legislation.

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 newest of a few Missouri urban centers to pass through an ordinance managing high-interest loan providers, whom operate under one of several nation’s most permissive group of state legislation. The regional ordinance describes a high-interest loan provider as a small business that loans money at a yearly portion price of 45% or more.

After voters passed the ordinance, which calls for a yearly $5,000 permit charge and enacts zoning restrictions, the town informed seven companies that when they meet up with the conditions laid call at the ordinance they have to make an application for a license.