Payday Lending Ordinance Requires Signs that say, "Warning! Predatory Lender!"
I read an amazing proposal from law professor Chris Peterson recently on regulating the marketing of high-cost loans through local ordinance. The city could require anyone offering high-interest loans to post signs that say, "Warning: Predatory Lender." The approach could be useful in Louisville because it is a local solution requiring buy-in from only the council and the mayor, not Frankfort.
Predatory payday lenders rob the city's most vulnerable people at a time when those folks can least afford the high interest rates payday lenders charge. Frankfort continues to stymie appropriate legislation of these jackels.