City Court Filing Defends Ordinance; Business Says It Varies From Payday Lenders
The city of Liberty contends it offers the best to control companies that participate in high-interest financing, even in the event those companies claim to stay in a course of loan providers protected by state legislation.
In a current legal filing, the Northland town defended a recently enacted ordinance as being a вЂњvalid and legal exercise,вЂќ and asked that the judge dismiss a lawsuit brought by two installment financing businesses.
Liberty just last year became the most recent of a few Missouri towns to pass an ordinance managing high-interest loan providers, whom operate under among the nationвЂ™s most permissive collection of state laws and regulations. The regional ordinance describes a high-interest loan provider as a small business that loans money at a yearly portion price of 45% or maybe more.