No new orders likely after Minnesotans pitch for fair loan

Bemidji City Council heard a presentation from Minnesota residents for fair loans during their business meeting on Monday.

The group appeared on Webex and presented a possible order model to put limits on payday loans.

The ordinance included parameters on the number of times a person can take out a payday loan, the number of re-borrowing cycles and would cap interest rates.

The group’s data included self-reported information by these types of low-risk, low-cost lenders.

The council discussed that since most, if not all, of this type of lending within the city takes place online, the matter is likely best handled by state law.

The council also discussed a retreat that would likely take place in November before Thanksgiving.

The city can hire a consultant to help facilitate the retirement, which will likely include various team building exercises.

Larissa Donovan is news director for Paul Bunyan Broadcasting stations and has been doing so, almost continuously, since election day 2016. She covers all topics in north-central Minnesota such as local government, crime , education, environment and social issues. . She studied communication at Bemidji State University.

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