The concentration of the companies is harmful. We might ask which you really, you should consider moving this.»
Chattanooga is having a preemptive hit to stem a tide of payday loan providers and comparable companies getting into the town. But loan providers by themselves are scraping their minds. They state there is absolutely no tide coming. The Chattanooga Hamilton County Regional preparing Commission unanimously approved a proposed zoning amendment Monday that would prevent alternate financing organizations such as for instance check cashers, payday loan providers and pawn brokers from condensing in a location. The town Council could have approval that is final Feb. 10. And City Council users Carol Berz and Russell Gilbert, whom published the proposed ordinance aided by the town lawyer’s workplace, state it might bar such companies from starting within 500 legs of domestic areas or within 25 % mile of other lenders that are similar.
Citing studies done by George Washington University and Ca State University, Assistant City Attorney Keith Reisman told planning commissioners that high concentrations of cash advance, name pawn or other alternative financing businesses are straight pertaining to crime that is increased reduced home values and a decrease in security. […]