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."