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Sandy limits payday lenders ce restricting the amount of pay day loan companies

Sandy limits payday lenders ce restricting the amount of pay day loan companies

City limits figures; S.L. may follow suit

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  • Sandy may be the city that is latest into the Salt Lake Valley to put restrictions on payday cash-loan companies, and Salt Lake City could be next.

    The Sandy City Council voted 4-3 Tuesday evening to accept an ordinance restricting the sheer number of pay day loan companies when you look at the town. The Salt Lake City Council, meanwhile, delivered the problem to its preparation payment for further conversation.

    Generally known as “check always advance,” “title loans” and “non-depository” organizations, the ongoing businesses provide short-term loans at interest levels of 400 per cent or more. For the good explanation, they have come under critique and legislation in various Salt Lake County towns.

    “we ought to handle the area plus the amount of these facilities within our town due to the cities that are surrounding whatever they’ve done and thus forth,” Sandy Councilman Bryant Anderson stated. “we think it sets us in times where, whenever we do not follow suit, then your companies in Sandy would attract plenty of (payday loan providers).”

    Other people regarding the council, nevertheless, had been concerned with legislating against specific companies.

    “we do not have proof they are harmful to your town. I do believe, to your contrary, they’ve been a necessity,” stated Councilman Steve Fairbanks, talking about research presented by Sandy Police Chief Steve Chapman showing pay day loan companies never raise the criminal activity price. “such a thing we do is simply an psychological reaction.”

    After almost 90 moments of conversation, the council authorized an ordinance restricting such companies to at least one per 10,000 residents and stipulating they have to be described as a mile aside from one another.

    Sandy has 10 loan that is payday in procedure but two applications had been on hold, waiting for the council’s vote.