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Springfield lawmaker’s add-in can help payday lenders skirt fees that are licensing advocates state

Springfield lawmaker’s add-in can help payday lenders skirt fees that are licensing advocates state

Saturday

SPRINGFIELD – After several years of debate, the Springfield City Council voted Monday to impose brand new laws on payday loan providers whose high interest levels can make a “debt trap” for hopeless borrowers.

Among the list of features ended up being a strategy to impose $5,000 yearly licensing charges susceptible to voter approval in August, that could get toward enforcing the town’s guidelines, assisting individuals in debt and supplying alternatives to short-term loans.