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Liberty’s Work To Regulate Lenders Generates More Interest

Liberty’s Work To Regulate Lenders Generates More Interest

City Court Filing Defends Ordinance; Business Says It Differs From Payday Lenders

Barbara Shelly

Posted June 4th, 2020 at 6:00 AM

Above image credit: Photo example. (Adobe)

The town of Liberty contends it offers the proper to control companies that engage in high-interest financing, regardless of if those continuing organizations claim to stay a course of loan providers protected by state legislation.

In a recently available appropriate filing Click Here, the Northland town defended a recently enacted ordinance as being a “valid and legal exercise,” and asked that a judge dismiss a lawsuit brought by two installment lending companies.

Liberty year that is last the newest of a few Missouri urban centers to pass through an ordinance managing high-interest loan providers, who run under one of many nation’s most permissive collection of state regulations. The ordinance that is local a high-interest loan provider as a small business that loans money at a yearly portion price of 45% or maybe more.