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Local lawmaker’s add-in will help payday loan providers skirt town certification charges, advocates say

Local lawmaker’s add-in will help payday loan providers skirt town certification charges, advocates say

Friends from Faith Voices of Southwest Missouri in addition to the indegent’s Campaign protest payday advances outside Historic City Hall before a town council conference on Monday. (Picture: Nathan Papes/News-Leader)

The Springfield City Council voted Monday to impose new regulations on payday lenders whose high interest rates can create a “debt trap” for desperate borrowers after years of debate.

On the list of shows had been an agenda to impose $5,000 yearly licensing fees susceptible to voter approval in August, that could get toward enforcing the town’s rules, assisting individuals in financial obligation and supplying options to short-term loans.