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PICO RIVERA – A renewal of a 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 companies week that is last. But relating to City Manager Chuck Fuentes, the short-term moratorium is just another formal action toward forever limiting the firms.
“We don’t want any longer among these organizations at all,” Fuentes stated.
The firms give short-term loans, to be repaid by customers if they receive their paychecks.
Additionally they cash checks for the cost, frequently centered on portion. The fee is between 10 % and 25 % regarding the quantity lent.
Eight associated with the pay day loan shops occur within the town, while you will find just six conventional bank branches.
The phase that is latest regarding the ban may be the final the town can enact prior to taking permanent action. Up to now, the moratorium has been doing place for a year, while the expansion can last yet another.
A freeze that is long-term check-cashing organizations wouldn’t be the initial such moratorium when it comes to town. About couple of years ago, Pico Rivera stopped accepting facilities that are self-storage. Fuentes said they took small critique for your choice, in component since there had been few places to get more storage space organizations.
Nonetheless, check-cashing companies have successfully overturned restrictions in other metropolitan areas.
Some start to see 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 to be created in he town.
“There’s absolutely absolutely nothing wrong with check cashing except that, being a matter that is practical lower-income individuals have a tendency to utilize it,” Diamond stated previously this current year. “It’s clear they’re targeting poor individuals.”
Relating to Mayor Gracie Gallegos, the extensive ban is just a good action. She stated which makes it permanent would reduce criminal activity, and thinks a permanent ban would be legal.
“Our attorney is searching involved with it to make certain that we’re maybe not stepping on the legal rights of any company,” Gallegos stated. “If there is certainly an appropriate method it, then definitely we’re going to complete it. that individuals may do”
Gallegos stated the town would start thinking about an even more available policy, for which a specific wide range of the firms will be permitted. If a portion of those closed, applications for a payday that is new shop will 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 likelihood of more competition.
Current companies are grandfathered in and permitted to keep running.
“Now, you can find way too many of them,” Aburashaid stated. “I think the ones they usually have now are adequate.”
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