Jacksonville Payday Loan Bill Back On Track
By Danielle MasonPayday Loan Writer
Jacksonville, FL — The Jacksonville payday loan ordinance crafted by Council President Kevin Hyde is on track for an October 11 vote by the full Council. In addition it still needs approval from the Land Use and Zoning Committee.
The ordinance limits interest rates the cash loan businesses can charge and where they can operate, keeping them away from military bases and each other, and closes loopholes that allowed some of the shadiest lending practices. These include disguising the loans as rebates for other purchases and threatening borrowers with arrest.
The bill contains several provisions specific to military members. Lenders would be prohibited from complaining to commanding officers and using coercive collection methods (in an attempt to receive payment of an outstanding no fax cash loan) while a military member is serving combat duty.
