Major regulatory change authorized through unanimous 20-0 vote on Wednesday night
Beginning straight away, Toronto defintely won’t be issuing any licences that are new cash advance outlets amid issues the firms are “predatory” toward low-income residents.
The main regulatory modification was authorized through a unanimous 20-0 vote from council on Wednesday night, alongside a lot of money of guidelines concerning the town’s controversial cash advance industry.
“We heard over and repeatedly tales of exactly just how individuals life had been ruined, resulting in despair, broken families, even committing committing suicide, since they had been victims of those predatory, parasitical payday lenders,” Coun. Josh Matlow said in council chambers ahead of the vote.
“People can’t ever escape the vicious period they enter into simply because they can’t ever get free from spending these debts off,” he included. Read More …