Ban on check-cashing companies could be permanent in Pico Rivera

Ban on check-cashing companies could be permanent in Pico Rivera

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PICO RIVERA – A renewal of the ban on check-cashing companies could be permanent, officials state.

The town Council issued its last continuance of a short-term ban on check-cashing organizations a week ago. But relating to City Manager Chuck Fuentes, the moratorium that is temporary yet another formal action toward completely limiting the firms.

“We don’t want any longer of the companies after all,” Fuentes stated.

The firms give short-term loans, to be repaid by clients once they get their paychecks.

Additionally they cash checks for a cost, frequently considering portion. The price is between ten percent and 25 % regarding the quantity lent.

Eight associated with cash advance shops exist when you look at the town, while you can find just six old-fashioned bank branches.

The latest period regarding the ban may be the last the town can enact before using permanent action. Up to now, the moratorium has been around location for and the extension will last one more year.

A long-lasting freeze on check-cashing companies wouldn’t be the very first such moratorium for the town. About 2 yrs ago, Pico Rivera stopped accepting self-storage facilities. Fuentes said they took small critique for your choice, to some extent because there had been few places for lots more storage space companies.

Nonetheless, check-cashing companies have successfully overturned limitations various other metropolitan areas.

Some start to see https://installmentloansonline.org/payday-loans-ne/ the ban as discrimination. Attorney Roger Jon Diamond stated he represented a business that is similar Pomona almost about ten years ago. He fought (and won) the proper when it comes to continuing company become created in he town.

“There’s absolutely nothing incorrect with check cashing except that, as being a matter that is practical lower-income individuals have a tendency to utilize it,” Diamond stated early in the day in 2010. “It’s clear they’re targeting poor individuals.”

In accordance with Mayor Gracie Gallegos, the extensive ban is just a step that is positive. She said which makes it permanent would reduce criminal activity, and thinks a ban that is permanent be appropriate.

“Our attorney is wanting involved with it to make certain that we’re perhaps maybe perhaps not stepping from the liberties of every company,” Gallegos stated. “If there was an appropriate method it, then definitely we’re going to accomplish it. that people may do”

Gallegos stated the town would give consideration to a more available policy, in which a specific amount of the firms will be permitted. If a percentage of those closed, applications for the brand new pay day loan shop is accepted.

“It’s simply establishing boundaries,” Gallegos stated.

Nazih Aburashaid has operated and owned cash Plus on Whittier Boulevard for 36 months. He stated he thinks their business executes solution for individuals in need. But, he stated, he does not mind the ban, which eliminates the alternative of more competition.

Current companies are grandfathered in and permitted to keep working.

“Now, you will find way too many of those,” Aburashaid stated. “I think the people they usually have now are sufficient.”

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