City limits figures; S.L. may follow suit

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Sandy may be the latest town 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 Tuesday that is 4-3 night accept an ordinance restricting the amount of cash advance companies 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 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 metropolitan areas.

„we have to manage the place plus the amount of these facilities inside our city because of the cities that are surrounding whatever they’ve done so 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). whenever we do not follow suit,“

Other people from the council, nonetheless, had been concerned with legislating against specific organizations.

„We don’t have proof they are harmful to the town. I believe, towards the contrary, these are typically a necessity,“ stated Councilman Steve Fairbanks, talking about research presented by Sandy Police Chief Steve Chapman showing loan that is payday don’t raise the criminal activity price. „such a thing we do is simply a difficult reaction.“

After almost 90 moments of conversation, the council approved an ordinance restricting such companies to 1 per 10,000 residents and stipulating they have to be considered a mile aside from one another. Weiterlesen →