Sandy limits payday lenders e city that is latest into the Salt Lake Valley to position limitations on pa
City limits figures; S.L. may follow suit
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Sandy could be the city that is latest into the Salt Lake Valley to position restrictions on payday cash-loan organizations, and Salt Lake City could be next.
The Sandy City Council voted Tuesday that is 4-3 night accept an ordinance restricting the amount of pay day loan companies into the town. The Salt Lake City Council, meanwhile, delivered the situation to its preparation payment for further conversation.
Generally known as “check always advance,” “title loans” and “non-depository” organizations, the companies provide short-term loans at www.1hrtitleloans.com/payday-loans-tx rates of interest of 400 % or maybe more. For the explanation, they have come under critique and legislation in several Salt Lake County metropolitan areas.
“we ought to handle the positioning as well as the wide range 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, then the firms in Sandy would attract plenty of (payday lenders). when we do not follow suit,”
Others regarding the council, nonetheless, had been concerned with legislating against specific companies.
“we do not have proof they are harmful to your town. I do believe, towards the contrary, they’ve been a necessity,” stated Councilman Steve Fairbanks, talking about research presented by Sandy Police Chief Steve Chapman showing cash advance companies usually do not raise the criminal activity price. “Anything we do is merely an psychological reaction.”