Long Beach Council to Vote on Updating Short-Term Lender Rules

September 17, 2013
Long Beach Press-Telegram 
payday lending news

The Long Beach City Council may further restrict payday and other short-term consumer finance lending businesses when it meets Tuesday. Proposed changes to the zoning code would push consumer-finance lending businesses from neighborhood commercial and other areas into locations that are more automobile-oriented.

The Planning Commission in August also recommended a wider separation between businesses, from the current 1,000 feet restriction to 1,320 feet. According to the Center for Responsible Lending, the payday lending industry has established more than 22,000 locations nationwide, lending an estimated $27 billion annually. The ban on short-term lenders is set to expire on Nov. 13.

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