Proposed Jacksonville Ordinance Targets Payday Advance Lenders
By Danielle MasonPayday Loan Writer
Jacksonville, FL — A proposed city ordinance would cap interest charged for so-called payday loans to military personnel at an annual rate of 36 percent.
The ordinance, introduced August 23 by Jacksonville City Council President Kevin Hyde, includes the cap and other requirements in an effort to protect low-ranking service members and other groups considered susceptible to offers of high-interest credit.
With two Navy bases, a Marine Corps command and National Guard and Reserve units, Jacksonville is a prime breeding ground for payday lenders to proliferate, industry critics say. Duval County ranks first overall in Florida for payday lending, according to the study, with 77 offices dealing in faxless payday loans.
February 15th, 2006 at 1:48 pm
[…] 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. […]