Bloomington will not try to limit payday loan rates
BLOOMINGTON — Rhetoric is the city’s only avenue for limiting interest rates charged by payday loan companies, aldermen decided Monday.
Proponents of a 36 percent ceiling say payday loan interest rates can reach as high as 400 percent, which creates a cycle of indebtedness for such customers.
City attorney Todd Greenburg reversed his opinion that the city had the authority to limit such interest rates, citing a recent Illinois Supreme Court ruling against Chicago’s attempt to tax online ticket sales, another industry already regulated by the state.
“I can not as the legal adviser to the city tell you, in good faith, that if you choose to regulate interest rates on payday loans that your actions will be upheld by the courts,” Greenburg said.
Instead, aldermen on Nov. 14 will debate a resolution urging the Illinois General Assembly to enact a limit. Mayor Steve Stockton said the city also could consider requiring payday loan companies to better educate their customers about the loans they offer.
“It seems for certain that we can’t control the rates,” Stockton said. “On the other hand … they allow cigarettes to be sold, but they require warnings and education, the same with alcohol and gambling. Can we at least require that when they give out an application for a payday loan that they tell about the dangers and so on?”
Alderman Mboka Mwilambwe said he’d like to see something more tangible than a resolution. “There are still people suffering who are having a difficult time. We have to do something,” Mwilambwe said.
Don Carlson, executive director of Illinois People’s Action, called the council’s decision against a limiting ordinance “weaksauce.”
“Strong words aren’t going to stop 400 percent payday lenders,” Carlson said after the meeting. “Resolutions have never stopped any injustice.”
He says Illinois legislators, under influence of campaign contributions, aren’t likely to approve anti-payday-loan laws and that education measures aren’t good enough.
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“I can not as the legal adviser to the city tell you, in good faith, that if you choose to regulate interest rates on payday loans that your actions will be upheld by the courts,” Greenburg said. Instead, aldermen on Nov. 14 will debate a resolution
Police said a clerk from Payday Loans, 2507 W. 95 th St., alleged that Bryan Payton, 37, of Chicago tried to cash a fraudulent check made out by a bank in Minnesota in the amount of $2496.88. Payton said he received it in the mail, but when police
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