WMC-TV: News, Weather, Traffic, Radar, and Sports for Memphis, TN; WMCTV.com | County Commission working to restrict payday loan businesses
Member Center:
MEMPHIS, TN (WMC-TV) - The Shelby County Commission is working on a plan to keep payday loan businesses out of Shelby County neighborhoods.
Citing studies that show the companies increase crime and lower property values in neighborhoods they're in, Shelby County commissioner Mike Carpenter wants restrict where they can operate.
Monday, he submitted an ordinance they would not allow payday business to be within one thousand feet of a church, school, park, residential area or other payday loan business.
Commissioners passed a first reading of the ordinance.
"They are so close together is that what a person will do is that they'll go and borrow money from one of these locations and then when it comes time to pay it back and they're still short they'll go to another location, bring out another loan to pay off the previous loan and this cycle continues," Carpeneter said.
The ordinance must pass two more readings before the zoning change becomes law.
The new law would only affect new payday loan branches. The businesses operating now would be grandfathered in.
Click here to e-mail Andrew Douglas.
Comments Terms of Use: We welcome your participation in our community. Please keep your comments civil and on point. Notify us of any inappropriate comments by clicking the “Mark as Offensive” link. You must be at least 13 years of age to post comments. By submitting a comment, you agree to these
Terms of Service
You must be logged in to leave a comment. Login or register See all comments |
Take turns weighing in on the issues of the day with WMC-TV General Manager Lee Meredith.
Find find out which restaurants scored low and which made the High 5 during recent inspections.
A collection of some of the most jaw dropping police dashcam video you've ever seen.
