Payday Pundit

Cleveland took action to limit payday lending stores.  It’s leadership like this that makes Cleveland the city that it is:

The measure, passed unanimously, allows for one payday lending or check-cashing store for every 20,000 residents and prohibits a shop from locating within 1,000 feet of another.

“They tend to cluster together,” said Ward 13 Councilman Joe Cimperman, who sponsored the legislation. “In my opinion, this is the next wave of foreclosures.” Cleveland’s new regulations are modeled after a zoning code amendment passed in Parma this year. The large suburb allows one store for every 10,000 residents.