Bemidji city council working session to focus on payday loans, council retreat
Bemidji City Council will hear a presentation from Minnesotans for Fair Lending. According to city documents, the group is asking the council to create and pass an ordinance that would protect consumers from high interest rates on payday loans.
According to the group’s data, more than $ 1 million worth of such low-interest, high-interest loans were taken out by residents of Bemidji 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 loan cycles, and terms on some of the loan terms and conditions.
The board should also discuss a retreat during this working session.