Wednesday vote in Columbia, MO
December 1, 2009 | industry, local issues | Comments (0)City Council says it will restricts payday lending/check cashing stores:
The ordinance is designed to reduce the clustering of payday lenders in poor neighborhoods, which some council members believe contributes to the cycle of poverty that keeps those areas poor.
But the payday lending industry says the ordinance is an attempt to do what the state Legislature did not do earlier this year — ban the industry outright.
The ordinance would affect new lenders, not those already in place.
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