Birmingham Council extends moratorium on payday lenders, delays zoning rules
There won't be any new payday loan and title pawn businesses for the next six months in Birmingham.The City Council extended a moratorium Tuesday on the companies. During a public hearing, community members said the shops hurt families and block economic development. Several councilors agreed."Walk outside your door. If you are tired of having the same old thing, do something different so you can get a different result," Councilwoman Lashunda Scales said.However, Max Wood, a representative supporting the industry, says the moratorium unfairly targets storefronts."They are addressing a problem that doesn't exist. The problem is in unregulated Internet lending and other offers of products and services," Wood of Borrow Smart Alabama told ABC 33/40.The council delayed a vote until next week on a measure that would impose stricter zoning rules.