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Payday lending moratorium extended in Montgomery, Ala.

Payday lending moratorium extended in Montgomery, Ala.

MONTGOMERY, Ala. – The Montgomery City Council has extended a moratorium on issuing business that is new for payday financing organizations.

Council people voted Tuesday to increase a preexisting 90-day moratorium by 6 months. The Montgomery Advertiser stated that Councilman Arch Lee is really a lobbyist when it comes to lending that is payday and recused himself through the vote.

Councilman Richard Bollinger stated the expansion will give town officials time and energy to examine the way the organizations effect Montgomery, based on WAKA-TV. Town leaders are searching to foster a business that is diverse, Bollinger stated, including which he’s unsure of why payday financing companies are focused in particular aspects of the town.