Bemidji City Council work session to focus on payday loans, council retreat

The Bemidji City Council will hear a presentation from Minnesotans for Fair Lending. According to city documents, the group is requesting the council to create and pass an ordinance that would protect consumers from the high-interest rates of payday loans.

According to the group’s data, more than $1 million dollars in these types of high-interest, small-dollar loans were taken out by Bemidji residents last year.

A similar ordinance in Moorhead requires these types of lenders to obtain a license from the city, and includes language to cap interest rates, limit the number of re-borrowing cycles, and mandates on some of the terms and conditions of the loans.

The council is also expected to discuss a retreat during this work session.

 


Larissa Donovan is the News Director for the stations of Paul Bunyan Broadcasting and has been, almost without interruption, since Election Day 2016. She covers all the beats in north-central Minnesota, such as local government, crime, education, environment and social issues. She studied communications at Bemidji State University.


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