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Waterloo Council Approves New Payday Lending Restrictions

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    April 29, 2014 | 7:16 am
    WATERLOO, Iowa - Setting up a payday lending business in Waterloo will come with more restrictions.

    Monday night the city council approved a new ordinance restricting where payday lending operations can operate. Council members say the new zoning laws will help prevent the businesses from targeting low-income neighborhoods.

    Council member Pat Morrissey says no current businesses will be impacted by the change.

    "This doesn't kick anyone out of town, it doesn't close down any of the businesses whatsoever, the businesses that are currently in operation are there," he said.

    The new ordinance passed by a vote of 5-2.

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