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Birmingham's payday lending moratorium set for vote, public hearing

BIRMINGHAM, Alabama -- The future growth of payday loan, title pawn and check-cashing businesses in Birmingham will be decided Tuesday when the Birmingham City Council votes on a proposed year-long moratorium.

The ordinance proposed by Councilwoman Lashunda Scales would ban any new title loan or payday loan businesses from opening for one year or until the city's comprehensive plan is complete.

Representatives of the payday lending industry say the proposed restrictions are unneeded.

But Scales, who is chairwoman of the council's Economic Development Committee, said Birmingham has been inundated with the businesses. "The law department has come up with an ordinance that will protect the citizens of Birmingham," she said of the proposal, which has been revised since she first presented it two months ago. "With the law department's official input, it answers all of the questions that council members had."

The businesses' negative impact is twofold, Scales said.

She said businesses offering short-term loans have high interest rates that keep financially strained customers trapped in a cycle of making interest-only payments.

Secondly, she said, the presence of too many of these businesses repel other commercial development.

"Our citizens deserve first-class businesses at an affordable price," she said. "However, if you have a string of these kind of predatory lending agencies in those same communities, then the likelihood of those (other) businesses locating in that area is nonexistent."

Scales said she has been contacted by representatives of AARP who support her ordinance.

"We're talking about senior citizens and the working poor," she said. "This is to be a voice for those who don't have a voice."

Industry response

However, industry officials said their industry provides a necessary service and is unfairly characterized.

"A moratorium on state-regulated storefronts is going to push consumers in need of short-term loans to unregulated Internet options with steeper fees," said Charles Hunter, spokesman for Borrow Smart Alabama, the industry's trade group. "This moratorium may be well-intentioned, but it is an unnecessary piece of legislation that will have unintended negative consequences including reduced city revenue and empty storefronts.

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