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PICO RIVERA – A renewal of a ban on check-cashing companies may become permanent, officials state.

The town Council issued its last continuance of a short-term ban on check-cashing organizations the other day. But relating to City Manager Chuck Fuentes, the short-term moratorium is merely another formal action toward completely limiting the businesses.

“We don’t want any you can try this out longer of the companies after all,” Fuentes stated.

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

They even cash checks for a charge, often centered on portion. The fee is between ten percent and 25 % of this quantity lent.

Eight associated with the cash advance shops occur when you look at the town, while you will find only six conventional bank branches.

The phase that is latest for the ban could be the final the town can enact before using permanent action. To date, the moratorium has been doing spot for and the extension will last one more year.

A freeze that is long-term check-cashing organizations wouldn’t be the very first such moratorium for the 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 because there had been few places to get more storage space companies.

Nonetheless, check-cashing organizations have successfully overturned limitations in other metropolitan areas.

Some start to see the ban as discrimination. Attorney Roger Jon Diamond stated he represented a comparable company in Pomona almost about ten years ago. He fought (and won) the proper when it comes to continuing company become established in he town.

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

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

“Our attorney is wanting into it to ensure that we’re perhaps perhaps not stepping regarding the legal rights of every company,” Gallegos stated. “If there was a appropriate means it, then definitely we’re going to get it done. that individuals may do”

Gallegos stated the town would start thinking about an even more available policy, for which a particular wide range of the firms could be permitted. If a share of those closed, applications for the payday that is new store 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 chance of more competition.

Current companies are grandfathered in and permitted to keep running.

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

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