City Council is considering a motion to space out payday loan shops. The motion would force money stores to be separated by at least 400m and increase the licence fees from $1000 to $3000. The motion was seconded by Frances Nunziata.
There are at least 10 cheque-cashers and two pawn shops in Weston. This bylaw would not affect them; it will only affect new businesses.
The law will reduce the number of cheque cashing businesses, but will likely enrich the existing owners by reducing competition.
Finally, it will ask the feds to look into a postal bank—an idea recently championed by ACORN in Weston.