LOS ANGELES вЂ“ 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 services and products.
Supervisor Hilda Solis suggested dealing with lenders that are high-cost whom she stated victimize low-income families.
вЂњWhile certified high-cost loans certainly are a industry that is legal their products or services frequently trap our communities in a unrelenting period of financial obligation,вЂќ Solis stated. вЂњToday’s action strikes a stability between making sure borrowers get access to emergency that is affordable, while protecting them from those that would victimize our many vulnerable low-income residents.вЂќ
Solis’ movement, co-authored by Supervisor Sheila Kuehl, directs staffers to analyze recommendations in the customer security arena and appear at whether zoning regulations could possibly be utilized to restrict payday loan providers as well as other organizations providing installment that is high-interest and automobile name loans. Read More