Stop licensing loan that is payday, committee informs Toronto town council

Stop licensing loan that is payday, committee informs Toronto town council

Toronto’s government that is general licensing committee decided Wednesday that the town should stop issuing licenses to brand new cash advance shops.

“These are in places where residents are extremely vulnerable, ” said Ward 5 Councillor Frances Nunziata, including that the big amount of payday loan web web sites are found in her own cycling of York South-Weston.

“We need certainly to get a handle on them. ”

The ultimate decision will depend on city council, where it really is planned for debate on Oct. 2, nonetheless it had the unanimous help of councillors in the certification committee, including Councillor Stephen Holyday, (Ward 2 Etobicoke Centre) whom stated he voted contrary to the movement merely a technicality — he does help regulating cash advance businesses. Read more