Measure on the ballot in the 2020 Missouri Primary Election in Springfield.
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Get Started[Springfield] City Council finds that the short-term loan industry targets low-income citizens, who are most likely to suffer financial hardship as a result of the lending practices and small loan products offered by Short-Term Loan Establishments...City Council finds that regulation of Short-Term Loan Establishments is necessary for the promotion and protection of the public health, safety, and welfare of its citizens, and the public good of maintaining a viable tax base to fund essential services...City Council has adopted a regulatory program for Short-Term Loan Establishments that includes a permit fee requirement...said permit fee may be imposed only if approved by a majority of the City’s electors.
A "YES" vote on Question 1 is a vote in favor of allowing the city of Springfield to impose a $5,000 annual fee on Short-Term Loan Establishment permits.
A "NO" vote on Question 1 is a vote in opposition to allowing the city of Springfield to impose a $5,000 annual fee on Short-Term Loan Establishment permits.
"[S]he doesn’t support short term lending but advised city council last year that it’s a slippery slope if we require fees for just one industry. 'People aren’t always happy with every individual industry on a day in day out basis...The people that use these. They just need to be able to get the money right then. Whether they don’t have the best credit or they can’t wait for a loan to process. There’s a void right now and that’s why people use them. We’re not able to stop that by just charging a fee.'", in opposition to Question 1 (Learn more)
"Advocates have said for years that payday loans ensnare people in a "debt-trap" where a loan of a few hundred dollars can balloon to hundreds more that the borrower can't repay. City officials considered a number of measures to solve the problem, but some council members have opposed the measures, saying a state interest rate cap would be the best way to fix it. Task force co-chair Brian Fogle said Tuesday his group largely agreed but noted that the city passing its own regulations could help educate the public and model a commitment to solving the problem. 'There is nothing better than a cap,' he said. 'But we do think if we can pass something in Springfield ... it helps with that effort.'", in support of Question 1 (Learn more)
"Susan Schmalzbauer, of Faith Voices of Southwest Missouri, calls this an important first step. 'So part of this ordinance requires the lenders to post in language that folks can understand what is the true cost of the loan,' said Schmalzbauer. 'You know this is about exploiting people, exploiting folks that backs are against the wall.'", in support of Question 1 (Learn more)
Shall the City of Springfield, Missouri, be authorized to impose a fee for a Short-Term Loan Establishment permit in the amount of $5,000 annually, new or renewal, or $2,500 for a permit issued with less than 6 months remaining in the calendar year?
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