Payday loan shops face push

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.

The motion would also ask the province to reduce the interest rate to 35%. It will also build encourage credit unions and banks to set up (or not leave) priority communities, like our own.

Finally, it will ask the feds to look into a postal bank—an idea recently championed by ACORN in Weston.

Cash Max robbed

12 Division police say the Cash Max store at 2175 Weston Road was robbed on February 13 at around 6:30 pm.

A suspect approached the counter, produced a handgun, and demanded cash. He fled northwards on Weston Road.

Cash Max was robbed almost exactly one year ago. On February 14, 2011, two men robbed it, stealing cash and jewelry.