Payday Pundit

This time, it’s St. Louis, MO looking to put “restrictions” on new payday lending stores.

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Bellefontaine Neighbors is a dateline for this story out of St. Louis.   Looks like they passed some payday lending restrictions which this article fails to detail.
 

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City of Rock Hill, Missouri has put a six-month freeze on the opening of “new lending institutions.”   Hey, it’s nice that they’re referring to payday lenders as an “institution.” 

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Dr. Roger Ray, a pastor in Missouri gets all fire and brimstone discussing payday lending.   Facts be damned, though:
One of the most obscene injustices in Missouri is the existence of the plethora of payday loan and car title loan businesses which now legally prey upon the desperation of the poor of our state. No state […]

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Consumer Federation of America, Consumers Union and the National Consumer Law Center have given two more states failing grades for offering choices to consumers.  Illinois and Missouri received straight F’s for having a multitude of short term credit options available to consumers.

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Oops, never mind.   If city councils in the area keep meddling in free enterprise, the Payday Pundit won’t feel very welcome.  This story is about the city council in North Kansas CIty:
The moratorium applies to Burlington Street between 10th and 32nd Avenue and will be in place while the city does a comprehensive study of […]

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This story out of Missouri discusses the boom in the pawn shop business.   One  pawnshop operator describes customers who live paycheck-to-paycheck, but not at the lower income levels: 
“Our phone traffic has increased probably 10 times what it was a year ago and most of it is people calling, looking for particular items, wanting to know if […]

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No, not that St. Ann, we’re talking about a small town in Missouri.   According to this article, they have six payday lending stores, but new restrictions will cut that number in half.   The city’s argument is incomprehensible:
City Attorney Steve Garrett said municipalities are beginning to tighten regulations regarding such companies, especially in areas designated for commercial […]

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This headline out of Missouri “Nixon looks to soften combative image” had the Payday Pundit thinking it’s about 30 years too late.  Then we realized the paper is talking about Missouri Attorney General Jay Nixon, not Richard Nixon.   Jay, payday lending critic, is running for governor so he apparently needs to tone it down a bit: 
His […]

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Here’s the Kansas City Star’s piece.  From the article:
Restricted uses include industrial businesses, any parking lot with frontage on Burlington, pawn shops, car title lenders, check-cashing lender operations and any motor vehicle repair or service shop.
The restrictions, however, do not apply to any such businesses that are already there.

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