City of Montgomery puts moratorium on title loan businesses - WFXG FOX 54 - News Now

City of Montgomery puts moratorium on title loan businesses

MONTGOMERY, AL (WSFA) -

The Montgomery City Council Tuesday evening voted in favor of placing a moratorium on new title loan businesses within the city. The move gives the council time to study how those businesses affect the surrounding community.

The vote authorizes the city to set a moratorium of 90 days on new title loan businesses. The measure does not affect any currently operating payday loan business.

The measure passed with a vote of 3 to 5 with Councilman Arch Lee recusing himself because of a conflict of interest.

Over the next three months, the city will not issue any new business licenses for new title or payday loan businesses.

Mayor Todd Strange says the city will take 30 days to study other cities in the state with similar laws.

The Alabama Legislature attempted to pass laws to regulate the industry during the last session, to protect consumers who reportedly pay on average 300 percent interest on the loan over the course of a year.

The Montgomery City Council initially took up the issue on August 20 but could not vote on it during that meeting.

Copyright 2013 WSFA 12 News.  All rights reserved.

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