Toronto no more providing licences that are new ‘predatory’ cash advance outlets

Toronto no more providing licences that are new ‘predatory’ cash advance outlets

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Major regulatory modification authorized through unanimous 20-0 vote on Wednesday evening

Beginning straight away, Toronto will not be issuing any licences that are new pay day loan outlets amid issues the businesses are “predatory” toward low-income residents.

The main regulatory modification ended up being authorized via a unanimous 20-0 vote from council on Wednesday evening, alongside a lot of money of suggestions in connection with town’s controversial cash advance industry.

“We heard over and again and again tales of exactly just exactly how people’s everyday lives had been ruined, ultimately causing despair, broken families, also suicide, simply because they had been victims of those predatory, parasitical lenders that are payday” Coun. Josh Matlow stated in council chambers ahead of the vote. Continue reading “Toronto no more providing licences that are new ‘predatory’ cash advance outlets”