Under what section of the equal protection clause of the U.S. Constitution does Moorhead have the authority to set the selling price of a vendor's service or product? Apparently, two of your members believe they can rewrite the law to suit their social engineering dreams.
If you believe lending rates are too high for someone with no credit, bad credit, no security interests or a history of never repaying a loan, you should start a credit union with financial contributions from city council members and follow the success of that enterprise. Used car prices too high? Start a used car lot. Hornbacher’s charging too much for lettuce? Start a roadside vegetable stand. Paying too much for happy hour? Open a bar.
You cannot set a retailer's selling price unless you declare a state of emergency with Minnesota's backing. You can't become a social service agency for those individuals who don't care about, fail to understand or support the idea of individual responsibility and good judgment. Minnesota is already doing that.
The council is to govern, not subsidize. Try working on collecting the Public Service Department's accounts in arrears if you feel the need to engage in a business activity.
The banks in our community don't want to deal with payday loan customers. Lending rules (federal and state) prevent them from doing so, with good reason. In fact, most banks are glad the payday operations exist to absorb that business which they can't touch.
So why would the council wish to engage in a misadventure that it has no background in and for which it has no resources? Your "feel good" idea of taking care of everyone, the Moorhead Human Rights Commission notwithstanding, will not pay the bills, change human nature or necessarily get you reelected. It will drive business out of town, something you’re good at, and will become a disservice to those who use these lenders.