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Santa Clara region managers vote to curb payday loaning

Santa Clara region managers vote to curb payday loaning

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Consumers queue up for payday advance loan or work inside a Ca test Cashing shop in downtown San Jose on Sept. 31, 2011. (Dai Sugano/Mercury Facts)

Reflecting a situation to control on predatory lending into operating very poor, Santa Clara County supervisors Tuesday died a 45-day moratorium that bans extra “payday” financial institutions from starting shop, while officers draft a laws that might completely exclude new payday ventures — or at least significantly minimize these people.

The state provides 64 pay day loan storefronts targeted in low-income areas, lots of just locks from friends. Merely two places are observed in unincorporated countries suffering from the fresh new bar. But as a growing number of nearby destinations and counties take into account equivalent curbs, region officers signal about the phenomenon could drive additional loan providers to move to places that remain pleasant.