Ban on check-cashing organizations may become permanent in Pico Rivera

Ban on check-cashing organizations may become 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 based on City Manager Chuck Fuentes, the moratorium that is temporary yet another formal action toward forever limiting the firms.

“We don’t want any longer of the organizations 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 centered on portion. The price is between ten percent and 25 % of this quantity lent.

Eight regarding the cash advance shops occur when you look at the town, while you can find only six conventional bank branches.

The phase that is latest associated with the ban could be the final the town can enact before you take permanent action. Thus far, the moratorium has been around spot for and the extension will last one more year.

A freeze that is long-term check-cashing businesses wouldn’t be initial such moratorium for the town. About couple of years ago, Pico Rivera stopped accepting facilities that are self-storage. Fuentes said they took criticism that is little your choice, to some extent because there had been few places for lots more storage space companies.

However, check-cashing organizations have successfully overturned limitations various other metropolitan areas.

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

“There’s absolutely absolutely 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 early in the day this present year. “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 ban that is permanent be appropriate.

“Our attorney is wanting involved with it to make certain that we’re perhaps perhaps not stepping in the rights of every company,” Gallegos stated. “If there is certainly an appropriate method it, then certainly we’re going to accomplish it. that people may do”

Gallegos stated the town would think about a far more policy that is open by which a specific wide range of the businesses will be allowed. If a share of those closed, applications for the brand new cash advance store could be accepted.

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

Nazih Aburashaid has operated and owned cash Plus on Whittier Boulevard for 36 months. He stated he thinks their business executes an ongoing service for individuals in need. 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 working.

“Now, you can find a lot of of them,” Aburashaid stated. “I think the people they will have now are adequate.”

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