Montgomery Bans New Quick-Loan Businesses

September 4, 2013
Associated Press  
payday lending news

City councilors in Montgomery, Ala., have put a 90-day freeze on new business licenses for payday and car title lenders. The Sept. 4 decision came after months of discussion on how to handle the alternative financial providers, which have a reputation for imposing sky-high interest rates and targeting the lower-income population.

Birmingham, Tuscaloosa, and other cities in the state already have similar moratoriums in place; and Montgomery Mayor Todd Strange said Montgomery will take 30 days to study these other jurisdictions.

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