Toronto ACORN Victory Against Predatory Lenders!

Toronto ACORN Predatory Lending

Posted October 3, 2019

On Wednesday October 2, ACORN members held a press conference and were joined by City Councillors Anothony Perruzza, Kristyn Wong-Tam, and Josh Matlow. 
 
Weston ACORN leader Marcia Stone spoke on the importance of the vote that day, "ACORN members expect full support from the mayor and city council when they vote on this today. We're sick and tired of these places clustering in our neighbourhoods!"
 
Council voted 20-0 to approve new regulations for payday loan stores! The City will immediately stop issuing new licenses to payday loan establishments. The City also voted on asking the province to limit annual interest rates for payday loans to 30% or less, and to ban advertising payday lending stores on City property!
 
For over a decade ACORN has been fighting to stop predatory lenders from clustering in low income neighborhoods and preying on the most vulnerable communities.   
 
Two weeks ago, Weston ACORN members had a rally to highlight the problem of banks leaving low income neighborhoods and predatory lenders like Money Mart moving in their place. 
 
Thanks to Councillor Perruzza for working with ACORN members and the City Councillors who showed support in helping the fight for Fair Banking!

 

 

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