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Petersburg is working to pass more regulations on potentially predatory short-term loan establishments in the city, including payday loan businesses.
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On Dec. 17, Petersburg’s city council will hold a public hearing for and vote on an ordinance from the Petersburg Planning Commission that would help regulate “alternative financial institutions, short-term loan establishments and small box discount store uses within the city,” according to the agenda from Petersburg’s last city council meeting.
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These regulations have been proposed in response to concerns that the city’s development will attract an influx of predatory short-term loan establishments like payday loan businesses, which are designed to trap desperate, low-income borrowers in debt.
The proposed ordinance “aims to reduce predatory lending practices” by adding these additional regulations, according to the agenda. In addition to the regulations, the ordinance would also include provisions to ensure that where these businesses are allowed, they will have to provide fresh food options for patrons.
Petersburg’s city council first updated the city’s zoning ordinance to pass restrictions on these kinds of alternative financial institutions and small box discount stores in 2021, including requiring special use permits. However, the 2021 amendment was never fully integrated into Petersburg’s zoning ordinance. To address this, staff has drafted a proposed amendment that clarifies and expands upon the city council’s 2021 actions. The Petersburg Planning Commission has reviewed the draft and recommends approval.
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In addition to the vote on more regulations for short-term loan establishments, city council will also hold a public hearing and vote on Tuesday on an ordinance that would reduce the number of pawn shops allowed in the city. Currently, city code does not allow for more than five pawn shops to be operated at a time within Petersburg’s city limits. This ordinance would change the limit to a maximum of two pawn shops within the city.
Cities may choose to limit the number of pawn shops within their borders to address issues like predatory lending, as pawn shops can offer short-term loans with high interest that can be difficult for lower-income individuals to repay. Other critiques of pawn shops includes their potential use to sell stolen or counterfeit merchandise.
Nguồn: https://marketeconomy.monster
Danh mục: News