Springfield City council members considered regulations on payday loan businesses during Monday night’s meeting.
Payday loan regulations in the state are among the softest in the country and aren’t expected to exceed 75 percent.
The national rate is between 24-48 percent.
The city has a large number of short-term loan businesses.
The ordinance proposed to council would require that all payday loan businesses register with the city and pass a background check. It would also mandate that signs be posted on payday loan stores that are clear about interest rates and APR rates.
