[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.