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 a ban on check-cashing companies may become permanent, officials state.

The town Council issued its last continuance of a temporary ban on check-cashing companies week that is last. But based on City Manager Chuck Fuentes, the short-term moratorium is yet another formal action toward forever limiting the firms.

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

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

In addition they cash checks for the charge, often considering percentage. The price is between ten percent and 25 % associated with quantity lent.

Eight regarding the loan that is payday occur when you look at the town, while you can find just six conventional bank branches.

The latest stage of this ban may be the final the town can enact before using permanent action. To date, the moratorium has been doing destination for and the extension will last one more year.

A long-lasting freeze on check-cashing companies wouldn’t be the very first such moratorium when it comes to town. About 2 yrs ago, Pico Rivera stopped accepting facilities that are self-storage. Fuentes said they took criticism that is little your choice, to some extent because there had been few places for lots more storage space organizations.

Nonetheless, check-cashing companies have successfully overturned limitations various other urban centers.

Some look at 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 business become established in he town.

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

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

“Our attorney is wanting involved with it to make certain that we’re perhaps not stepping regarding the liberties of every company,” Gallegos stated. “If there clearly was a appropriate method it, then undoubtedly we’re going to get it done. that individuals may do”

Gallegos stated the town would give consideration to a far more available policy, by which a specific amount of the firms could be permitted. If a portion of those closed, applications for the payday that is new shop could be accepted.

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

Nazih Aburashaid has operated and owned cash Plus on Whittier Boulevard for 36 months. He stated he thinks their business executes solution for folks in need. But, he said, he does not mind the ban, which eliminates the chance of more competition.

Existing companies are grandfathered in and permitted to keep running.

“Now, you can find way too many of those,” Aburashaid said. “I think the people they’ve now are sufficient.”

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