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 the ban on check-cashing companies could be permanent, officials state.

The town Council issued its last continuance of a short-term ban on check-cashing organizations the other day. But relating to City Manager Chuck Fuentes, the short-term moratorium is merely another formal action toward completely limiting the businesses.

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

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

In addition they cash checks for a charge, often predicated on portion. The price is between ten percent and 25 % of this quantity lent.

Eight associated with the cash advance shops occur within the town, while you will find only six conventional bank branches.

The phase that is latest associated with the ban may be the final the town can enact before using permanent action. Up to now, the moratorium has been doing location for and the extension will last one more year.

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

Nonetheless, check-cashing organizations 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 almost about ten years 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, as being a practical matter, lower-income individuals have a tendency to make use of it,” Diamond stated previously this current year. “It’s clear they’re targeting poor individuals.”

In accordance with Mayor Gracie Gallegos, the extensive ban is just a good step. She stated which makes it permanent would reduce criminal activity, and thinks a permanent ban would be appropriate.

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

Gallegos said the town would start thinking about an even more available policy, by which a specific quantity of the firms could be permitted. If a portion of those closed, applications for a payday that is new shop is accepted.

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

Nazih Aburashaid has operated and owned cash Plus on Whittier Boulevard for 3 years. He stated he thinks their business executes solution for folks in need of assistance. But, he stated, he does not mind the ban, which eliminates the likelihood of more competition.

Current companies are grandfathered in and permitted to keep working.

“Now, you will find way too many of those,” Aburashaid said. “I think the ones they usually have now are adequate.”

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