(1) No person shall operate a payday lending business or loan any funds as a payday loan without a current payday lender license to do business issued by the city. Licenses shall be required for each location a lender operates in the city and shall be renewed annually.

(2) The city manager shall adopt administrative rules pursuant to section 2.019 of this code, which shall include application criteria and a requirement that the payday lender report its fee schedule in the payday application.

(3) The city manager shall adopt the annual cost for the license by administrative order pursuant to section 2.020 of this code.