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City of Troy, MO
Lincoln County
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Table of Contents
Table of Contents
Code
New Laws (20) Index
[Ord. No. 1059, 4-21-2008]
As used herein, the phrase "short-term loan establishment" shall mean any business which loans money on a short-term basis to members of the general public as an element of its operation, including businesses offering title loans, payday loans, signature loans and small loans under Chapter 367 or Section 408.500, RSMo., and other similar businesses. The phrase shall not include a bank, savings and loan association or credit union which is licensed by the appropriate State or Federal agency or a retail credit financing institution which is licensed under Chapter 364 or 365, RSMo., or retail merchants governed by Chapter 400.2, RSMo.
[Ord. No. 1059, 4-21-2008]
A. 
All individuals, firms, businesses or corporations desirous of operating a short-term loan establishment shall apply for a business license from the City and shall not commence operations until the same is received. The fee for said license shall be thirty dollars ($30.00). The term of said business license shall be from July first (1st) through June thirtieth (30th) in a given calendar year. No license shall issue until the fee is paid.
B. 
No license for operating the business of a short-term loan establishment shall be issued when the issuance thereof would increase the number of such licenses outstanding and in force at that time to more than one (1) for each five thousand (5,000) inhabitants residing within the City according to the last decennial census of the United States, provided that all persons conducting or operating the business of short-term loan establishment within the City of Troy on the effective date of this Section may be issued a license if they meet all other requirements for licensure. The renewal of an unexpired existing license shall have priority over the issuance of a new license. This provision shall not apply to an existing business that has been in continuous operation at the same location and under the same business name and ownership from and after April 21, 2008.
C. 
All short-term loan establishments shall display, in plain view to all patrons entering upon the premises, all licenses and certificates required by this Chapter and by State law. All short-term loan establishments shall further display in plain and ordinary view to all patrons entering upon the premises a chart memorializing the interest rates and fees charged by that particular establishment. Such chart shall be promptly updated whenever said interest rates and fees change.