Existing pay day loan businesses will be grandfathered in, but as time passes, they might decrease
The town of Hamilton is drafting a brand new legislation that would cap how many pay day loan places at 15.
Bylaw officials work on a brand new separation that is radial permitting no more than one pay day loan or cheque-cashing business per ward. City council will vote about it in February.
Current companies is grandfathered, generally there won’t be a difference that is immediate stated Ken Leendertse, the town’s director of certification.
However in the longterm, the latest bylaw would lessen the quantity of pay day loan companies in Hamilton, he stated. It will additionally stop them from installing in areas with greater variety of low-income residents.
“I do not think it will re re re solve the difficulty because individuals nevertheless require money,” he stated. But “it will restrict the visibility into the rule red areas.”