Sandy limits payday lenders restrictions on payday cash-loan companies, and Salt Lake City

City limits figures; S.L. may follow suit

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Sandy may be the latest town when you look at the Salt Lake Valley to put restrictions on payday cash-loan companies, and Salt Lake City might be next.

The Sandy City Council voted 4-3 Tuesday evening to accept an ordinance restricting the sheer number of cash advance organizations within the town. The Salt Lake City Council, meanwhile, delivered the problem to its preparation payment for further conversation.

Generally known as “check always advance,” “title loans” and “non-depository” organizations, the ongoing organizations provide short-term loans at rates of interest of 400 per cent or maybe more. For the good explanation, they will have come under critique and legislation in several Salt Lake County towns.

“we ought to handle the area and also the wide range of these facilities within our town due to the surrounding urban centers and whatever they’ve done and thus forth,” Sandy Councilman Bryant Anderson stated. “we think it places us in times where, then the firms in Sandy would attract plenty of (payday lenders). when we do not follow suit,”

Other people in the council, nonetheless, had been concerned with legislating against specific organizations.

“we do not have proof they are harmful to your city. I do believe, towards the contrary, they’ve been a necessity,” stated Councilman Steve Fairbanks, talking about research presented by Sandy Police Chief Steve Chapman showing pay day loan organizations try not to raise the crime price. “such a thing we do is merely a difficult reaction.”

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