Payday Loan Ban
Tue October 16, 2012
Birmingham Extends Ban On New Payday Loan Stores
New payday loan businesses won't be allowed to open in Birmingham until at least next June.
The city council on Tuesday extended a ban on the businesses until June 19, 2013.
Officials picked that date because it comes after the end of the Legislature's regular session. They want lawmakers to address the number of payday loan businesses in their city and across Alabama during the session.
An industry lobbyist criticized the move. Max Woods of Borrow Smart America said the decision hurts customers and small businesses. He also said it doesn't address problems with banks.
City Council President Pro Tem Steven Hoyt said he has no problem calling out banks too if given the name of one that takes advantage of customers.
Copyright 2012 The Associated Press.