LOS ANGELES вЂ“ The Los Angeles County Board of Supervisors voted Tuesday to do something to safeguard consumers from payday loan providers and other loan that is high-interest.
вЂњWhile certified nearest super pawn america high-cost loans certainly are a appropriate industry, their products or services frequently trap our communities within an unrelenting period of financial obligation,вЂќ Solis said. вЂњTodayвЂ™s action hits a stability between making sure borrowers gain access to affordable crisis loans, while protecting them from those that would victimize our many vulnerable low-income residents.вЂќ
SolisвЂ™ movement, co-authored by Supervisor Sheila Kuehl, directs staffers to analyze recommendations within the customer security arena and appearance at whether zoning regulations could possibly be utilized to restrict payday loan providers along with other organizations providing high-interest installment loans and automobile name loans.
Approximately 160 high-cost payday loan providers run in Los Angeles County and about one-third are found in the 1st District in low-income, predominantly Latino areas, relating to Solis, whom represents that district. Czytaj więcej O tej wersjiSupervisor Hilda Solis suggested dealing with high-cost loan providers, whom she stated victimize low-income families …