Payday loan centers targeted to move shop

Payday loan centers targeted to move shop

CALDWELL, Idaho (KBOI) -- At 7PM tonight, at the Caldwell Police Station, residents and city council members will meet to discuss a possible payday loan center ordinance. 

One group in particular, The Idaho Community Action Network, wants to see payday loan businesses pushed to the outskirts of town, in non-commercial areas. 

Those are areas of high traffic and where many other businesses selling goods are set up. 

According to the Idaho Press-Tribune, the ICAN claims payday loan centers prey on minorities, the elderly and low-income groups. 

They say some people borrow from these places and find it impossible to pay them back. 

Driving them out of commercial areas, into industrial areas, would force them away from the public eye and possibly hinder the business. 

About 400 petitions, supporting the ordinance, were collected in Caldwell on Friday and delivered to the city clerks office. 

A total of 38 states have specific regulations on payday loan businesses, including the loan terms and finance charges. 

Idaho is one of these 38, but only regulates the maximum loan amount, and in comparison, that number is one if the highest in the state.