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Ban on check-cashing companies could be permanent in Pico Rivera

Ban on check-cashing companies could be permanent in Pico Rivera

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

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

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

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

Additionally they cash checks for a cost, often according to portion. The fee is between ten percent and 25 % associated with the quantity lent.

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

The phase that is latest regarding the ban could be the final the town can enact prior to taking permanent action. Thus far, the moratorium has been doing location for a 12 months, plus the expansion can last yet another.

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 self-storage facilities. Fuentes said they took small criticism for your choice, to some extent since there were few places to get more storage space organizations.

Nevertheless, check-cashing companies have successfully overturned limitations in other towns.

Some look at ban as discrimination. Attorney Roger Jon Diamond stated he represented a business that is similar Pomona nearly a decade ago. He fought (and won) just the right when it comes to company become created in he town.

“There’s absolutely absolutely nothing incorrect with check cashing except that, being a practical matter, lower-income individuals have a tendency to utilize it,” Diamond stated earlier in the day in 2010. “It’s clear they’re targeting poor individuals.”

Relating to Mayor Gracie Gallegos, the extensive ban is really 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 searching involved with it to make certain that we’re perhaps maybe maybe not stepping in the legal rights of every business,” Gallegos stated. “If there clearly was a appropriate method it, then undoubtedly we’re going to get it done. we can do”

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

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

Nazih Aburashaid has owned and operated money Plus on Whittier Boulevard for 3 years. He said he thinks their business executes an ongoing solution for folks in need of assistance. 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 running.

“Now, you will find way too many of them,” Aburashaid said. “I think the people they will have now are good enough.”

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