Within 60 days of the effective date of the ordinance enacting this Chapter, any Payday Lender operating in the City of Wood Village shall apply for and obtain a permit to operate as a Payday Lender. Permits shall be required for each location a lender operates in the City of Wood Village and shall be renewed annually. The application shall be in a form to be determined by the Manager. The Manager shall require the Payday Lender to report its fee schedule in the Payday Lenders permit application. No person shall operate a Payday lending business or loan any funds as a Payday Loan without a current permit to do business issued by the City of Wood Village. The annual cost for the permit shall be as set forth in Council resolution.