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

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

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PICO RIVERA – A renewal of a ban on check-cashing companies may become permanent, officials say.

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 moratorium that is temporary yet another formal action toward completely limiting the firms.

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

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

In addition they cash checks for a charge, often centered on portion. The fee is between 10 % and 25 % for the quantity lent.

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

The latest stage for the ban could be the last the town can enact before you take permanent action. Up to now, the moratorium has been around location for a 12 months, and also the expansion lasts yet another.

A freeze that is long-term check-cashing companies wouldn’t be initial such moratorium for the town. About couple of years ago, Pico Rivera stopped accepting self-storage facilities. 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 metropolitan areas.

Some start to see the ban as discrimination. Attorney Roger Jon Diamond said he represented a comparable company in Pomona almost about ten years ago. He fought (and won) the proper for the company become created in he town.

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

In accordance with Mayor Gracie Gallegos, the extensive ban is really a step that is positive. She stated rendering it permanent would lessen criminal activity, and believes a permanent ban would be appropriate.

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

Gallegos stated the town would think about a far more policy that is open by which a particular amount of the firms will be allowed. If a share of those closed, applications for the brand new cash advance shop could be accepted.

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

Nazih Aburashaid has owned and operated money Plus on Whittier Boulevard for 3 years. He stated he thinks their business executes solution for folks in need. But, he stated, he doesn’t mind the ban, which eliminates the chance of more competition.

Current companies are grandfathered in and permitted to keep running.

“Now, you will find a lot of of those,” Aburashaid stated. “I think the people they usually have now are sufficient.”

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