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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 a ban on check-cashing organizations could be permanent, officials state.

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

“We don’t want any longer of the organizations at all,” Fuentes said.

The firms give short-term loans, become paid back by clients once they get their paychecks.

They even cash checks for a charge, often according to portion. The fee is between 10 % and 25 % of this quantity lent.

Eight of this loan that is payday exist within the town, while you will find just six old-fashioned bank branches.

The phase that is latest associated with the ban could be the final the town can enact before using permanent action. Thus far, the moratorium has been doing spot for a 12 months, together with extension can last an additional.

A freeze that is long-term check-cashing organizations would not be the initial such moratorium for the town. About couple of years ago how many payday loans can you get in Missouri?, Pico Rivera stopped accepting facilities that are self-storage. Fuentes said they took small critique for your decision, in part since there had been few places for lots more storage space businesses.

Nevertheless, check-cashing organizations have successfully overturned limitations in other towns.

Some understand ban as discrimination. Attorney Roger Jon Diamond stated he represented a business that is similar Pomona almost a ten years ago. He fought (and won) just the right when it comes to continuing business become created in he town.

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

Based on Mayor Gracie Gallegos, the extensive ban is just a step that is positive. She stated rendering it permanent would reduce criminal activity, and thinks a ban that is permanent be appropriate.

“Our attorney is wanting into it to ensure that we’re maybe perhaps not stepping in the legal rights of any company,” Gallegos stated. “If there was a legal means that people may do it, then definitely we’re going to accomplish it.”

Gallegos said the town would think about a far more available policy, for which a particular quantity of the firms could be permitted. If a portion of those closed, applications for the brand new pay day loan shop could be accepted.

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

Nazih Aburashaid has operated and owned cash Plus on Whittier Boulevard for 3 years. He stated he thinks their business executes an ongoing solution for individuals in need of assistance. 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 a lot of of them,” Aburashaid stated. “I think the people they usually have now are adequate.”

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