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Ames City Council passes many restrictive ordinance on payday loan providers to date

Ames City Council passes many restrictive ordinance on payday loan providers to date

Iowa CCI users hail passage, aim to other metropolitan areas in lack of state legislation

Ames, IA – In an unanimous vote later Tuesday night, the Ames City Council passed the most challenging, many restrictive ordinance on payday loan providers when you look at the state of Iowa, if you don’t the country.

The ordinance, which utilizes a mix of zoning overlays and separation distances, efficiently bans any brand new payday loan provider from starting within Ames town limitations.

“I’m extremely pleased about this passage,” said CCI user Susie Petra of Ames. “Currently there are not any payday loan providers near the Iowa State campus and there won’t be with this particular ordinance. The very last thing students required were payday lenders starting store nearby and driving them further into debt. with massive education loan debt”

Hawaii legislature, maybe maybe not towns and cities, gets the authority to modify rates of interest on pay day loans, which currently average just below 400% APR. The legislature has failed to bring a bill to the governor’s desk despite strong grassroots support for interest rate caps. This makes towns to deal with the nagging problem through zoning, with Iowa City next regarding the set of urban centers poised to do this.

“We celebrate this victory today, but carry on pushing communities across the state to follow along with our lead,” added Jo Rod, another member that is CCI Ames. “We are sick and tired of corporate supported payday loan providers placing earnings and greed in front of individuals and need.”

Iowa CCI users continues to push for rate of interest caps during the state degree in next year’s session that is legislative. Until then, Iowa CCI vows to pursue all tools, including zoning ordinances, to suppress the abusive methods of payday loan providers. Continue reading