Series 110 2009 ORDINANCES/RESOLUTIONS
Section 110-580; Ord. 20466; Establishing a moratorium on the establishment of new payday loan businesses and the opening of new payday loan business offices
Bill No. B 320-09
establishing a moratorium on the establishment of new payday loan businesses and
of new payday loan business offices; and fixing the time when this ordinance shall become
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS
SECTION 1. As used in the ordinance:
payday loan business means any lender that is in
the business of making unsecured loans of $500.00 or less and that is required to be licensed by
the Director of the Missouri Division of Finance under Sec. 408.500 RSMo; new payday loan
business means a payday loan business that was not operating in the City of Columbia on the
day this ordinance was passed.
SECTION 2. The City Council finds
that the unregulated growth of payday loan businesses
is detrimental to the welfare of the citizens of Columbia. The City Council intends to study this
issue and consider passage of an ordinance regulating payday loan businesses. The purpose of
this ordinance is to prevent the establishment of new payday loan businesses and the opening of
new payday loan business offices while the City Council is considering legislation.
SECTION 3. The business services administrator
shall not issue a business license to any
new payday loan business or for any new office or branch establishment of an existing payday
SECTION 4. No payday loan business
shall establish a new office in the City of Columbia.
SECTION 5. This ordinance shall be in full force and effect
from and after its passage and
shall remain in effect until May 4, 2010.
PASSED this 2nd day of November, 2009.