Chesterfield addresses pay day lenders - NBC12 - WWBT - Richmond, VA News On Your Side

Chesterfield addresses pay day lenders

CHESTERFIELD, VA (WWBT) -

A legitimate service for people in need or predatory businesses that target the poor? Chesterfield County planners heard both arguments at a public hearing Tuesday night.

About a dozen people addressed a controversial ordinance that would spell out the rules of the game for payday lenders, check cashing companies and other companies that want to set up shop in Chesterfield.

The proposal would limit their location, keeping them away from residential areas. But many don't want to see them at all.

"We don't need this here in Chesterfield County. There are legitimate ways of getting checks cashed," said Steve Meadows, President of the Gateway Association. 

"They do help some people but the majority of people who get these loans end up having to pay many, many times what they borrowed," added Dana Wiggins with the VA Property Law Center.

Chesterfield planners voted to postpone for 30 days a decision on the payday lender policy.

Copyright 2012 WWBT NBC12.  All rights reserved. 

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