Chattanooga is going for a strike that is preemptive stem a tide of payday loan providers and comparable companies getting into the town. But loan providers by themselves are scraping their minds. They state there is absolutely no tide coming.
The Chattanooga-Hamilton County Regional preparing Commission unanimously approved a proposed zoning amendment Monday that could prevent alternate funding organizations — such as for example check-cashers, payday loan providers and pawn agents — from condensing in a location. The town Council need last approval on Feb. 10.
And City Council members Carol Berz and Russell Gilbert, whom composed the proposed ordinance utilizing the town lawyer’s office, state it can bar such companies from opening within 500 legs of domestic areas or inside a quarter-mile of other comparable loan providers.
Citing studies done by George Washington University and Ca State University, Assistant City Attorney Keith Reisman told planning commissioners that high concentrations of pay day loan, name pawn or any other alternative financing businesses are straight associated with crime that is increased reduced home values and a decrease in security. Continue reading Chattanooga seeks to restrict payday financing and name pawns