Burnaby ACORN Members Hold Successful Rally to Rein in Payday Loan Outlets
Posted January 28, 2015
Burnaby ACORN members handed out imitation cheques representing the exorbitant fees and interest accumulated through payday loans
Posted January 28, 2015
BC ACORN members held an exciting rally yesterday outside a new payday lender outlet in Burnaby to call on both the municipal and provincial governments to step up their efforts in curbing the payday lender industry. About 20 ACORN members stood outside the Cash Money Store at Kingsway and Griffiths handing out fake cheques, speaking with passers-by, and holding signs to show their frustration at the opening of yet another payday loan store on Burnaby’s Kingsway corridor.
“We are upset that a new [payday loan outlet] has opened up here despite there being one just a block away,” said Burnaby ACORN chairperson Monica McGovern, referring to the Money Mart less than two hundred metres away. “This is despite the fact that last year we gave a presentation to city council asking them to limit where these business can operate.”
The issue has been in review by city staff since last February when Ms. McGovern and Steven McMurtrie outlined the members’ concerns to city council regarding payday lenders in the city. Burnaby ACORN members are wondering why this process is taking so long when Surrey city council, who passed a payday loan store zoning bylaw last April, successfully passed legislation in a short period of time.
In April 2014 the City of Surrey passed a zoning by-law to regulate the location of cheque cashing centres and payday loan stores, which is an important step forward to
limit payday lenders targeting low income communities. Burnaby ACORN members want to see something similar, and have further asked city council to institute a moratorium on the issuance of licenses to businesses that provide payday loans.
Provincially, BC ACORN members are calling on the government to amend BC’s payday lender legislation by, amongst other things, lowering interest rates (which sit at 23% per pay period), extending the pay period (which can be as little as every 2 weeks), and instituting stronger legislation around online lending stores.
PRESS:
Burnaby NewsLeader: Protesters seek limits on payday lenders
Fairchild TV: Can West-Pay Day Loan Protest (video)
24hrs Vancouver: Group calls on Burnaby, province to limit payday loan outlets
Breakfast Television: Protestors call for money lending store regulations (video)