Commissioner Nesbitt made a motion to recommend approval of UDO Amendment #63 Short Term Loans.  A second to the motion was made by Commissioner H. Wiley.  The Independence Planning Commission voted as follows:

Commissioner Nesbitt – Yes

Commissioner H. Wiley – Yes

Commissioner L. Wiley – Yes

Commissioner McClain – Yes

Commissioner Ferguson –Yes

Commissioner Ashbaugh -Yes

Commissioner O’Neill - Yes

The motion passed; the amendment is forwarded to the City Council for its consideration. Staff recommends approval of this UDO Amendment #63 Short Term Loans.

The City proposes Amendment #63 of the Unified Development Ordinance (UDO) related to Short Term Loans.

This UDO amendment updates language in Section 14-200-05-J of the municipal code to add the language under Short -Term Loan Services “licensed and regulated by appropriate state and federal agencies” and to include consumer installment loan providers licensed under RSMo. Ch. 408.510.

Staff believes this proposed amendment will better serve our community and allow the City to better regulate and gain compliance with these uses.

Draft Planning Commission minutes:

"Case 23-175-09 – UDO Amendment #63 – Short-Term Loans

Staff Presentation

Rick Arroyo presented the proposed amendment to the UDO.  He advised this UDO amendment updates language in Section 14-200-05-J of the municipal code to add the language under Short -Term Loan Services “licensed and regulated by appropriate state and federal agencies” and to include consumer installment loan providers licensed under RSMo. Ch. 408.510.

Mr. Arroyo said the proposed amendment will better serve our community and allow the City to better regulate these uses.

In response to Commissioner L. Wiley’s question, Mr. Arroyo explained the difference between consumer installment loans and payday loans.  He said they have different limits and fees, like a bank loan, but not backed by a bank.  Mr. Arroyo said consumer installment loan businesses are not currently regulated like the payday loan businesses and there are no limits on the number of businesses allowed.  He explained this amendment would categorize consumer installment loans with payday loans.  Mr. Arroyo stated he’s aware of at least one consumer installment loan businesses currently operating in the city. 

Commissioner H. Wiley said she’s happy to see this amendment come forward to categorize the consumer installment loans with payday loans. 

Public Comments

No public comments.

Motion

Commissioner Nesbitt made a motion to approve Case 23-175-09 – UDO Amendment #63 – Short-Term Loans.  Commissioner L. Wiley seconded the motion.  The motion passed with seven affirmative votes."