Only a few weeks after the bylaw was introduced, council has sealed the deal and stopped any more payday loan stores from opening in Maple Ridge.
Final reading was given to two bylaws Tuesday that ban the quick-loan companies from opening any more locations within the city boundaries.
Coun. Tyler Shymkiw led the effort after making a promise during the November election to stop any more payday loan stores from opening.
“Thank you to staff and my colleagues and the mayor for moving this along so quickly,” Shymkiw said.
“I think it’s an important decision that demonstrates we’re going to stand up for families in this community.”
The whole process took about three months, noted Coun. Kiersten Duncan.
Currently, six local stores offer services for as cashing pay cheques or loaning small amounts of money at high interest rates.
Under the bylaws, those stores would stay open, but would be refused a business licence if they closed for more than six months, then tried to re-open.
A staff report says that cheque-cashing stores draw crowds on days when income assistance cheques are issued, while also draining the downtown economy.
Shymkiw earlier described payday loan stores as a “contributor to the cycle of poverty that ultimately ends up putting our citizens on the streets.”