SPRINGFIELD, Mo. — The city of Springfield is considering an ordinance to limit payday loans.
The city put together a workgroup to study lending trends along with local and state data.
The committee, made up mostly of citizens, presented its recommendations.
The group is strongly advocating for state legislative action in regards to capping the interest rates and fees for payday loans.
The group also recommends an annual $5,000 permit fee for short-term loan businesses.
This fee would be considered a tax and would require a vote.
The city staff will soon draft a new ordinance that incorporates all of the recommendations from this group.