Illinois Payday Loan Credit

POKIN AROUND: PayDay Loan sues Collinsville over property rights

In Collinsville, what do flea markets, pawn shops, and payday loan businesses have in common?

The answer is that there's only one of each allowed per every 12,500 residents.

Since the city's population is 25,579, according to the 2010 Census, in theory there someday might be only be two of each type in Collinsville. At least until the population hits 37,500. Or the law changes.

The city ordinance that links these businesses to population was passed in 2005. It was not retroactive.

In the case of the Missouri PayDay Loan that once sat at 502 Vandalia St., the business, according to its lawyer, had the misfortune of being in the way of highway project.

The Illinois Department of Transportation seized the property through eminent domain for the ongoing improvement of Illinois Route 159. In March the property owner was awarded $300,000 in compensation.

But PayDay Loan didn't own the property. Or the building. And it didn't get a cent of that $300,000, says Steven Koslovsky, the attorney for Title Lenders, the parent company of PayDay Loan.

Title Lenders sued the city in May in state court. The case has moved to federal court.

Koslovsky tells me PayDay Loan had been doing business at 502 Vandalia for 'several years" prior to the 2005 law.

After the company lost its business site it wanted to relocate in the city — specifically to a location farther north on Vandalia — and was told by the city it couldn't.

First, according to court documents, the city said the desired new location wasn't zoned for such a business.

Second, the city said, there's this matter of population.

The city attorney, Steven Giacoletto, wrote in March that, "It would take 37,500 residents before the third payday would qualify." Giacoletto tells me the city is well within its legal rights to limit the number of payday loans that can take up residence. Same for pawn shops and flea markets.

For example, he says, municipalities routinely limit the number of liquor licenses they grant.

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Such a figure could only be attained if the loan was rolled over for 26 weeks. That is certainly not possible. Most pay day loans services are licensed and regulated by the state in which they are operating. Some States would not allow a rollover whatsoever, or where they are allowed, no more than more than one is not permitted.

These statistics offer a similar experience in many other states. Which means the borrower will pay $400 – $500 in loan fees on a $400 loan. This is absurd usury and really should be illegal as it is not helping anyone except the lender. It is predatory lending at better if just gets borrowers in deeper debt than before.”Some will say, that little man should have somewhere to go,” said state Rep. Eldridge Emory, “Butif he gets money in this way, he’s just digging a hole deeper and deeper, and he’s not going to get out.”Several states like New York have currently banned this form of predatory lending.

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