Customer advocates aren’t therefore certain. Numerous lending businesses provide both payday and installment loans, Miller described.

Customer advocates aren’t therefore certain. Numerous lending businesses provide both payday and installment loans, Miller described.

On Nov. 3, 2019, two times before Liberty voters authorized their laws, remain true Missouri provided a $1,000 campaign contribution to Curtis Trent, a Republican legislator from Springfield. Half a year later on, regarding the same time the Springfield City Council voted to deliver its short-term financing ordinance to your ballot, Trent slipped an amendment in to a bulky little bit of economic legislation set for a vote in Jefferson City.

Trent’s amendment fundamentally sharpens the language regarding the statute that the installment loan providers cited within their lawsuit against Liberty. It states that regional governments cannot produce any disincentive for old-fashioned installment loan providers and adds that “any fee charged to your conventional installment loan loan provider that isn’t charged to any or all lenders certified or controlled by the unit of finance will be a disincentive in breach with this part.”

Both your house and Senate passed Trent’s amendment minus the typical hearing or a complete analysis of its prospective effect.

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