Stronger payday loan rules approved
Friday, December 18, 2015 by Elizabeth Pagano
An ordinance that strengthened the city’s regulation of “credit access businesses” (more commonly known as payday lenders) passed unanimously in less than one minute on Thursday. The changes are outlined in the ordinance below. Perhaps most significantly, the new ordinance will give the city the power to revoke businesses’ registration certificates if they are found in violation of city rules. The ordinance also requires that repayment be completed in four installments – not just the principal, but the total amount (including principal, fees and interest). In addition, such lenders are now required to display a city-approved poster that offers information about “extensions of consumer credit.”
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