PICO RIVERA вЂ“ A renewal of a 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 companies the other day. But based on City Manager Chuck Fuentes, the short-term moratorium is yet another formal action toward completely limiting the firms.
вЂњWe donвЂ™t want any longer among these companies at all,вЂќ Fuentes stated.
The firms give short-term loans, become paid back by clients if they get their paychecks.
Additionally they cash checks for the cost, frequently centered on portion. The price is between ten percent and 25 % regarding the quantity lent.
Eight associated with the cash advance shops occur within the town, while you can find just six old-fashioned bank branches.
The latest stage associated with the ban may be the final the town can enact before you take permanent action. Up to now, the moratorium has been doing location for and the extension will last one more year.
A freeze that is long-term check-cashing companies wouldn't be the very first such moratorium when it comes to town.