Ban on check-cashing companies may become permanent in Pico Rivera

Ban on check-cashing companies may become permanent in Pico Rivera

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PICO RIVERA – A renewal of the ban on check-cashing organizations could be permanent, officials state.

The town Council issued its last continuance of a short-term ban on check-cashing companies week that is last. But in accordance with City Manager Chuck Fuentes, the short-term moratorium is merely another formal action toward completely restricting the firms.

“We don’t want any longer of the companies after all,” Fuentes stated.

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

Additionally they cash checks for the charge, often centered on portion. The fee is between ten percent and 25 % for the quantity lent.

Eight associated with the loan that is payday occur into the town, while you will find just six old-fashioned bank branches.

The phase that is latest associated with the ban could be the final the town can enact prior to taking permanent action. Up to now, the moratorium has been doing destination for and the extension will last one more year.

A freeze that is long-term check-cashing companies wouldn’t be the initial such moratorium when it comes to town. About couple of years ago, Pico Rivera stopped accepting self-storage facilities. Fuentes said they took criticism that is little your decision, to some extent because there were few places for lots more storage space organizations.

But, check-cashing companies have successfully overturned limitations in other towns and cities.

Some begin to see the ban as discrimination. Attorney Roger Jon Diamond said he represented a business that is similar Pomona almost about ten years ago. He fought (and won) the proper for the continuing business become created in he town.

“There’s 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 stated early in the day in 2010. “It’s clear they’re targeting poor individuals.”

In accordance with Mayor Gracie Gallegos, the extended ban is just a step that is positive. She stated which makes it permanent would reduce criminal activity, and thinks a ban that is permanent be appropriate.

“Our attorney is looking involved with it to ensure that we’re perhaps maybe maybe not stepping regarding the legal rights of any company,” Gallegos stated. “If there is certainly a appropriate method that people may do it, then definitely we’re going to accomplish it.”

Gallegos stated the town would think about a far more available policy, by which a particular wide range of the firms will be permitted. If a share of those closed, applications for the brand new cash advance shop could be accepted.

“It’s simply establishing boundaries,” Gallegos said.

Nazih Aburashaid has operated and owned cash Plus on Whittier Boulevard for 3 years. He stated he thinks their business executes solution for folks in need. 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 working.

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

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