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 state.

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

They even cash checks for the charge, often according to portion. The expense is between ten percent and 25 % regarding the quantity lent.

Eight regarding the pay day loan shops occur within the town, while you can find just six old-fashioned bank branches.

The phase that is latest regarding the ban may be the last the city can enact prior to taking permanent action. Thus far, the moratorium has been doing location for a 12 months, while the extension can last an additional.

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 facilities that are self-storage. Fuentes said they took criticism that is little your decision, in component since there had been few places for lots more storage space organizations.

Nonetheless, check-cashing organizations have successfully overturned limitations in other metropolitan areas.

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 company become created in he town.

“There’s absolutely nothing wrong with check cashing except that, as a matter that is practical lower-income individuals have a tendency to utilize it,” Diamond said previously this season. “It’s clear they’re targeting poor individuals.”

Based on Mayor Gracie Gallegos, the extensive ban is a good action. She stated which makes it permanent would reduce criminal activity, and thinks a permanent ban would be appropriate.

“Our attorney is wanting involved with it to ensure that we’re perhaps maybe not stepping in the liberties of every company,” Gallegos said. “If there was an appropriate means that people may do it, then undoubtedly we’re going to accomplish it.”

Gallegos stated the city would think about a far more available policy, by which a specific wide range of the businesses will be permitted. If a share of those closed, applications for a brand new pay day loan shop is accepted.

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

Nazih Aburashaid has owned and operated money Plus on Whittier Boulevard for 3 years. He stated he believes their business executes solution for individuals 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 can find way too many of them,” Aburashaid stated. “I think the people they will have now are adequate.”

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