Sandy limits payday lenders e city that is latest into the Salt Lake Valley to put limitations on pa
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 how many cash advance organizations into 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 organizations provide short-term loans at interest levels of 400 % or maybe more. For that good explanation, they have come under critique and regulation in several Salt Lake County metropolitan areas.
“we have to handle the area therefore the amount of these facilities inside our town due to the surrounding towns and cities and whatever they’ve done and thus forth,” Sandy Councilman Bryant Anderson stated. “we think it places us in times where, when we do not follow suit, then your companies in Sandy would attract plenty of (payday loan providers).”
Other people regarding the council, but, had been concerned about legislating against specific companies.
“we do not have proof they are harmful to the town. I believe, towards the contrary, these are generally a need,” stated Councilman Steve Fairbanks, discussing research presented by Sandy Police Chief Steve Chapman showing cash advance organizations usually do not raise the criminal activity price. “such a thing we do is simply an psychological reaction.”