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L.A. County seeks to restrict payday financing

L.A. County seeks to restrict payday financing

by City Information Provider

L . A . – The l . a . County Board of Supervisors voted Tuesday to make a plan to guard customers from payday loan providers along with other high-interest loan items.

Supervisor Hilda Solis suggested dealing with lenders that are high-cost whom she stated victimize low-income families.

“While certified high-cost loans certainly are a appropriate industry, their products or services frequently trap our communities in a unrelenting period of financial obligation,” Solis stated. “Today’s action hits a stability between making certain borrowers gain access to affordable crisis loans, while protecting them from people who would victimize our many vulnerable low-income residents.”

Solis’ movement, co-authored by Supervisor Sheila Kuehl, directs staffers to analyze recommendations within the customer security arena and appearance at whether zoning rules could possibly be utilized to restrict payday loan providers as well as other companies providing high-interest installment loans and automobile name loans.