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

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.

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