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Cities, Lenders Resume Battle Over High-Interest Loans

Cities, Lenders Resume Battle Over High-Interest Loans

The town contended that, considering that the continuing companies loan money at rates of interest surpassing 45%, these are generally susceptible to the ordinance and require a license to use.

Lenders advertised these are generally protected by a part of state legislation that claims urban centers and regional governments cannot “create disincentives for just about any conventional installment loan loan provider from participating in lending…”

The $5,000 license charge along with other ordinance demands qualify as disincentives, the lawsuit claims.

“My customers are categorized as that statute,” stated Marc Ellinger, a Jefferson City attorney that is representing World recognition Corp. and Tower Loan. “The state states neighborhood governments can’t do just about anything to discriminate against conventional installment loan providers.”