Major change that is regulatory through unanimous 20-0 vote on Wednesday evening
Starting immediately, Toronto will not be issuing any new licences for pay day loan outlets amid issues the firms are “predatory” toward low-income residents.
The most important regulatory modification was authorized by way of a unanimous 20-0 vote from council on Wednesday evening, alongside big money of suggestions concerning the town’s controversial cash advance industry.
“We heard over and repeatedly tales of exactly how people’s life had been ruined, ultimately causing depression, broken families, also committing committing suicide, since they had been victims of those predatory, parasitical payday lenders, ” Coun. Josh Matlow stated in council chambers ahead of the vote.
“People can’t ever escape the vicious cycle they enter simply because they can’t ever get free from paying out these debts off, ” he included. Continue reading