Ban on check-cashing organizations could be permanent in Pico Rivera

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PICO RIVERA – A renewal of the ban on check-cashing organizations could be permanent, officials state.

The City 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 forever limiting the firms.

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

The businesses give short-term loans, become repaid by customers if they get their paychecks.

In addition they cash checks for a cost, frequently according to portion. The fee is between ten percent and 25 % associated with quantity lent.

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

The phase that is latest associated with the ban could be the final the town can enact before using permanent action. Up to now, the moratorium has been doing spot for a 12 months, plus the expansion lasts an additional.

A long-term freeze on check-cashing companies wouldn’t be the 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 decision, to some extent because there had been few places for lots more storage space companies.

Nevertheless, check-cashing organizations have successfully overturned limitations in other urban centers.

Some look at ban as discrimination. Attorney Roger Jon Diamond stated he represented a business that is similar Pomona almost a ten years ago. He fought (and won) just the right for the continuing business become created in he town.

“There’s absolutely absolutely absolutely nothing wrong with check cashing except that, as being a matter that is practical lower-income individuals tend to make use of it,” Diamond stated previously this current year. “It’s clear they’re targeting poor individuals.”

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

“Our attorney is wanting into it to ensure that we’re maybe not stepping regarding the legal rights of every company,” Gallegos stated. “If there is certainly a appropriate means that people may do it, then definitely we’re going to accomplish it.”

Gallegos stated the town would start thinking about a more policy that is open for which a particular wide range of the firms will be allowed. If a portion of those closed, applications for a payday that is new store will be accepted.

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

Nazih Aburashaid has owned and operated money Plus on Whittier Boulevard for 36 months. He stated he believes their business executes an ongoing solution for individuals in need of assistance. But, he stated, he doesn’t mind the ban, which eliminates the likelihood of more competition.

Current companies are grandfathered in and permitted to keep operating.

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

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