City eyes rules that are new cash advance companies

City eyes rules that are new cash advance companies

Brantford town council would like to implement limits that are new the quantity and location of cash advance establishments. Brian Thompson / The Expositor

A brand new certification system will restrict the place and amount of pay day loan companies within the town.

The principles, which need last approval by council at a gathering on Nov. 19, limit the quantity of cash advance shops to 10 and stops them from finding within 150 metres of “selective painful and sensitive land uses, ” including crisis residences, video video gaming establishments, team houses, medical clinics and workplaces, and schools.

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

“It’s a step up the direction that is right” stated Coun. Rick Weaver, who has been doing work for many years toward regulation of cash advance establishments when you look at the town.

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