A. A Consumer Short-Term Lender shall make no more than two (2) Consumer Short-Term Loans of $1,000, or less per person per calendar year.
B. A Consumer Short-Term Loan requires a minimum repayment within sixty (60) days of loan origination.
C. A Consumer Short-Term Lender must furnish a copy of the written loan contract to each borrower. The contract and disclosures must contain an itemization of all fees and charges to be paid by the borrower.
D. For Consumer Short-Term Loans between $0.00 and $1,000.00, Consumer Short-Term Lenders may charge up to a $25.00 fee, unless a different amount is prescribed by State law.
E. For Consumer Short-Term Loans between $350.00 and $1,000, Consumer Short-Term Lenders shall not charge more than thirty-three percent (33%) annual interest on any Consumer Short-Term Loan, unless a different interest rate is prescribed by State law.
F. A Consumer Short-Term Lender shall not extend repayment periods for Consumer Short-Term Loans. If a Consumer Short-Term Lender grants additional time to repay a Consumer Short-Term Loan, in no event shall the Consumer Short-Term Lender charge an additional fee for the extension or increase the balance owed above the original amount.
G. At no time shall there be more than four (4) Consumer Short-Term Loan businesses located within the City of Moorhead.
H. A license issued by the City of Moorhead shall be binding upon all Interested Owners of the Consumer Short-Term Lender business. An Interested Owner is prohibited from obtaining an additional license for a separate Consumer Short-Term Lender business. (Ord. 2020-10, 10-12-2020)