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L . A . – The l . a . County Board of Supervisors voted Tuesday to do something to guard customers from payday loan providers along with other high-interest loan items.

Supervisor Hilda Solis suggested dealing with high-cost loan providers, whom she stated victimize low-income families.

“While certified high-cost loans really are a appropriate industry, their products or services frequently trap our communities within an unrelenting period of debt,” Solis stated. “Today’s action hits a stability between making certain borrowers gain access to affordable crisis loans, while protecting them from those that would victimize our many vulnerable low-income residents.”

Solis’ movement, co-authored by Supervisor Sheila Kuehl, directs staffers to analyze guidelines into the consumer security arena and appear at whether zoning guidelines could be utilized to restrict payday loan providers along with other companies offering high-interest installment loans and automobile name loans. Continua a leggere L.A. County seeks to restrict payday financing