Peoria recently put a moratorium on opening any more so-called “convenience loan” establishments until they can develop an ordinance to limit their density. Well, it turns out that Springfield is writing just such an ordinance themselves. From the Springfield Journal-Register:
Springfield’s building and zoning commission Wednesday approved a recommendation to limit the placement and numbers of payday and title loan businesses in the city.
The amended proposal, which still has to be approved by the Springfield City Council, calls for a minimum of 1,500 feet rather than 750 feet, as previously suggested, between payday and title loan outlets. It also excludes finance companies from the new limitations.
The terminology involved, and preventing loopholes that would enable payday loan companies to call themselves something else and avoid the restrictions, took up a big part of the discussion during a public hearing Wednesday night.
If they’re not already, the city’s Planning & Growth department might benefit from interfacing with their counterparts in Springfield on this issue — not to make Peoria’s ordinance the same as the capital’s, but just for the purposes of covering all the bases and closing any conceivable loopholes.
When I emailed Council Member Van Auken to complain about the rash of payday loan stores, she wrote back to inform me that she was attempting to do something. Kudos to BVA for speadheading the local moratorium.