Last August, we ran an item highlighting a proposed ordinance in the Springfield City Council requiring a minimum distance between payday loan stores on MacArthur Boulevard.
That ordinance was ultimately rejected in September. But yesterday, the council approved an identical measure after one of the aldermen switched sides. The sponsor, Ald. Debbie Cimarossa, had this to say about the lack of effective regulation of this industry in Illinois:
“It’s unfortunate that we have to present a case to limit restrictions on the placement of payday loans,” she said. “The legislature, I hope, will escalate the payday reform act and make some amendments and try to minimize the impact on people who are forced to use these businesses.”
We also hope that the new General Assembly will plug the loopholes in the Payday Loan Reform Act passed several years ago. More importantly, Sen. Dick Durbin should take notice of the situation in his hometown and re-introduce his bill to limit payday loan interest rates at the federal level.
Image of Springfield loan shops by Flickr user Dabadoo.
Comments
Anonoponimus (not verified) on Fri, 01/30/2009 - 13:45
I’ve got nothing against payday loans. Never used ‘em myself, but it’s a person’s own business if they use them. I just find it interesting that we’re going to restrict these businesses considering that there’s four times as many gun stores.
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