Portland City Council meets tonight at 6 p.m. at the Mt. Scott Community Center, 5530 SE 72nd Ave., to consider new regulations on high-interest payday loans.
Proposed legislation includes a requirement that 25 percent of the principal of a loan be paid before it can be rolled over, a 24-hour window for a borrower to cancel the loan, requirements for payment plans to be set up, and a $1,500 annual fee for payday loan outlets.
The state legislature rolled over last session for the payday lenders, with even Northeast Portland's Margaret Carter claiming that payday lenders were good for the community because they enabled people with no or poor credit to borrow money. Portland, Gresham, and Troutdale are considering strict regulations of lenders in response, and there is a ballot initiative being circulated to cap interest rates at 36 percent, among other regulations.