By: Gene Hanson
On the heels of a nine-month moratorium on payday loan companies, the Gladstone City Council on Monday, July 9, approved an ordinance putting tighter regulations on where such businesses can locate in the future.
The new ordinance requires any new payday loan companies to be at least one mile from an existing competitor and at least 200 feet from any residential area.
Existing payday loan companies will be considered a nonconforming use under the ordinance but will be prohibited from expanding.
The ordinance also provides that payday loan companies be located within a multitenant commercial building housing at least four separate entities.
Gladstone currently has 13 payday loan businesses, and the large saturation in a city of its size led to the initial moratorium while the council looked at possible ways to curb the influx of the businesses in the city.
For the moment, the new ordinance will have little impact on them.
Source:
http://www.kccommunitynews.com/articles/2007/07/12/sun_tribune/news/b.st.news.payday.txt
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