City council unanimously agreed to limit the number of payday loan businesses in the city moving forward, with separation distances intended to keep them from being clustered in any particular neighbourhood.
The decision, which came with no debate or discussion, formalized a recommendation from the committee of the whole passed earlier this month.
The city currently has eight provincially licenced payday loan establishments – three in Ward 4, two in Ward 2, none in Ward 6 and one each in wards 1,3 and 5.
Those businesses are allowed to continue operating as-is until they are either sold or change locations. That’s when new rules will come into effect.
A bylaw is expected to be in place for Jan. 1 that restricts new payday loan businesses from setting up shop within one kilometre of another or within 150 metres of a school or public park.
Licencing comes with a cost of $641 for the first year, with $400 annual renewals.
The provincial government granted municipalities the ability to limit the location and quantity of payday loan businesses in 2018.
