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.

  • NEWSMore>>

  • With Senate talks falling short, shutdown enters workweek

    With Senate talks falling short, shutdown enters workweek

    Monday, January 22 2018 1:57 AM EST2018-01-22 06:57:31 GMT
    Monday, January 22 2018 10:50 AM EST2018-01-22 15:50:06 GMT

    Under the proposal taking shape, Democrats would agree to a three-week spending measure in return for a commitment from the Republican leadership in the Senate to address immigration policy and other pressing legislative matters in the coming weeks.

    More >>

    Under the proposal taking shape, Democrats would agree to a three-week spending measure in return for a commitment from the Republican leadership in the Senate to address immigration policy and other pressing legislative matters in the coming weeks.

    More >>
  • Long shutdown could hurt economy, a short one just 'a blip'

    Long shutdown could hurt economy, a short one just 'a blip'

    Saturday, January 20 2018 3:36 PM EST2018-01-20 20:36:49 GMT
    Monday, January 22 2018 10:48 AM EST2018-01-22 15:48:52 GMT
    Economists say a lengthy government shutdown could hurt economy, but a short one would be just 'a blip'.More >>
    Economists say a lengthy government shutdown could hurt economy, but a short one would be just 'a blip'.More >>
  • Women's marches organizers hope to keep building momentum

    Women's marches organizers hope to keep building momentum

    Sunday, January 21 2018 4:27 PM EST2018-01-21 21:27:31 GMT
    Monday, January 22 2018 10:41 AM EST2018-01-22 15:41:51 GMT

    Thousands of people poured into a football stadium in Las Vegas on the anniversary of women's marches around the world, capping off a weekend of global demonstrations for equality, justice and an end to sexual...

    More >>

    Thousands of people poured into a football stadium in Las Vegas on the anniversary of women's marches around the world, capping off a weekend of global demonstrations for equality, justice and an end to sexual harassment.

    More >>
Powered by Frankly