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A kudos that are big Ames Iowa CCI people for taking a stand for the Iowa they would like to see!
A great precedent for other Iowa communities looking to stop the wealth drain from payday lenders as a result of their hard work вЂ“ meeting with their city council members to build support for an ordinance to stop payday lenders from expanding in Ames вЂ“ Ames passed what looks like the most restrictive ordinance on payday lenders to date.This sets.
Below is our news release in the success:
Iowa CCI people hail passage, turn to other metropolitan areas in lack of state legislation
Ames, IA вЂ“ In a vote that is unanimous Tuesday night, the Ames City Council passed the most challenging, many restrictive ordinance on payday loan providers into the state of Iowa, or even the world.
The ordinance, which utilizes a mixture of zoning overlays and separation distances, effortlessly bans any new payday loan provider from starting within Ames city limitations.
вЂњIвЂ™m extremely pleased about this passage,вЂќ said CCI user Susie Petra of Ames. вЂњCurrently there are not any payday loan providers near the Iowa State campus and there wonвЂ™t be using this ordinance. The final thing students required were payday lenders installing shop nearby and driving them further into debt. with massive education loan debtвЂќ
Their state legislature, perhaps perhaps maybe not urban centers, has got the authority to manage rates of interest on pay day loans, which currently average just below 400% APR. Despite strong grassroots help for interest caps, the legislature has neglected to bring a bill to your governorвЂ™s desk. This departs towns and cities to address the nagging problem through zoning, with Iowa City next regarding the set of towns poised to do this.
вЂњWe celebrate this victory today, but carry on pressing communities all over state to adhere to our lead,вЂќ added Jo Rod, another member that is CCI Ames. вЂњWe are sick and tired of corporate supported payday loan providers profits that are putting greed in front of individuals and need.вЂќ
Iowa CCI users continues to push for rate of interest caps during the state degree in next yearвЂ™s session that is legislative. Until then, Iowa CCI vows to pursue all tools, including ordinances that are zoning to suppress the abusive practices of payday loan providers.
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enthusiastic about replicating this in your community? Today contact us.
Chip in ten dollars or even more to helps us continue steadily to push for an economy that works well for several.
perhaps perhaps Not yet a part? Join Iowa CCI and help create the Iowa you want to see today.
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