Liberty’s Effort To Regulate Lenders Generates More Interest

Liberty’s Effort To Regulate Lenders Generates More Interest

City Court Filing Defends payday loans in Vermont Ordinance; Company Says It Varies From Payday Lenders

The town of Liberty contends this has the proper to control companies that participate in high-interest financing, whether or not those 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 towns to pass through an ordinance regulating high-interest lenders, whom operate under one of several nation’s most permissive group of state regulations. The regional ordinance defines a high-interest loan provider as a small business that loans money at a yearly percentage price of 45% or maybe more. Continue reading “Liberty’s Effort To Regulate Lenders Generates More Interest”

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