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Chattanooga is taking a hit this is certainly stem that is preemptive tide of cash advance providers

Chattanooga is taking a hit this is certainly stem that is preemptive tide of cash advance providers

The concentration among these companies is harmful. We possibly may ask you should think about moving this. which you really,”

Chattanooga is certainly going for a hit this is certainly stem that is preemptive tide of pay day loan providers and comparable organizations stepping to the city. But financial institutions on their own are scraping their minds. They do state there is no tide coming. The Chattanooga Hamilton County Regional planning Commission unanimously approved a proposed zoning amendment Monday which will avoid alternative money businesses such as check cashers, payday loan providers and pawn agents from condensing in a spot. The city Council might have approval this is certainly Feb. this is certainly last 10. And City Council users Carol Berz and Russell Gilbert, who composed the proposed ordinance with the city attorney’s workplace, state it might bar such companies from beginning within 500 base of residential areas or within one mile that is fourth of loan providers which are comparable.

Citing studies by George Washington University and Ca State University, Assistant City Attorney Keith Reisman told planning commissioners that high concentrations of money advance, name pawn or other alternative financing businesses nearest allied advance loan are straight related to increased criminal activity, paid down house values and a reduction in safety. However, Reisman claimed the businesses did provide a service that is required. “The solutions ought to be supplied. But we just would not want to really have the levels that enhance criminal activity and reduce the house values,” Reisman stated.

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