Bemidji city council working session to focus on payday loans, council retreat

Tammy Diaz September 24, 2021 Consumer finance Leave a comment 3 Views


Bemidji City Council will hear a presentation from Minnesotans for Fair Lending. According to city documents, the group is asking the council to create and pass an ordinance that would protect consumers from high interest rates on payday loans.

According to group data, more than $ 1 million worth of this type of low-interest, high-interest loan was taken out by residents of Bemidji last year.

A similar ordinance in Moorhead requires these types of lenders to obtain a license from the city, and includes language to cap interest rates, limit the number of loan cycles, and terms on some of the loan terms and conditions.

The board should also discuss a retreat during this working session.

Larissa Donovan is news director for Paul Bunyan Broadcasting stations and has been doing so, almost continuously, since election day 2016. She covers all topics in North Central Minnesota such as local government, crime , education, environment and social issues. . She studied communication at Bemidji State University.

Source link

Related posts:

  1. Maintaining the CFPB payday rule – Lexology
  2. Native American lawyers push back attacks on tribal lenders – InsideSources
  3. Trump judges demand consumers aggrieved by ‘payday’ loans drop class action lawsuit and arbitrate individual claims: judges upheld, fears upheld
  4. Golden Valley considers stricter regulations for pawn shops and payday lenders

About Tammy Diaz

Check Also

CFPB Overcomes Payday Loan Rule Challenge | Goodwin

On August 31, 2021, the United States District Court for the Western District of Texas …

Leave a Reply

Your email address will not be published. Required fields are marked *