The City of Belleville isn’t the only community concerned with the increasing numbers of “payday loan” establishments.
At its meeting Monday, the city’s Planning Advisory Committee will see a staff report indicating that council could take some action toward controlling the number of such operations and the way they conduct their business.
Late last year, Councillor Paul Carr asked staff if municipalities had any power to regulate “payday loan” enterprises.
It turns out they do. Several municipalities in Ontario regulate them. They use one of two methods.
Either they regulate the minimum distance allowed between the “payday” businesses or they charge a license fee and force the businesses to post interest rates and offer information on other loan and/or debt options.
Belleville’s Planning Advisory Committee meeting will be held at 5:30 p.m. Monday at the Build Belleville office, 116 Pinnacle Street, beside the Royal Canadian Legion.