Payday Loan Changes in Works

An upcoming meeting by the San Mateo County Board of Supervisors will focus on finding ways to curb payday lending locally either by educating residents or restricting the businesses via zoning and permits. The board will consider a proposal that would commit the county to examining these alternatives and allowing planning staff to follow through on ways to prevent "blight, overconcentration and other negative impacts." The plan is sponsored by Supervisor Rose Jacobs Gibson, who claims the industry in the county takes in an estimated $6.1 million in fees every year. However, she acknowledges that it would not be possible to eliminate the lenders without having an alternative in place. Gibson has asked a legislative committee of the board to formally oppose a state bill that would increase the maximum borrowing limit from $300 to $500.

San Mateo Daily Journal (07/25/11)