City eyes brand new guidelines for cash advance companies

City eyes brand new guidelines for cash advance companies

Brantford town council desires to implement brand new limitations on the quantity and location of cash advance establishments.

A brand new certification system will restrict the positioning and quantity of cash advance organizations when you look at the town.

The guidelines, which need last approval by council at a gathering on Nov. 19, limit the quantity of pay day loan stores to 10 and stops them from locating within 150 metres of “selective sensitive and painful land uses,” including crisis residences, video video gaming establishments, team domiciles, medical clinics and offices, and schools.

The money-lending companies will also be asked to have evidence of a legitimate licence that is provincial have commercial basic obligation insurance coverage into the quantity of $2 million.

“It’s a step up the direction that is right” stated Coun. Rick Weaver, that has been doing work for many years toward regulation of pay day loan establishments within the town.

Cash advance outlets are effortless and quick places to get cash.