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New ordinance would limit number of businesses allowed to open in city; vote is scheduled Monday
By Gina Mace
Special to the Beacon Journal
Published on Thursday, Dec 06, 2007
CUYAHOGA FALLS: The Cuyahoga Falls City Council is expected to vote Dec. 10 on legislation that will effectively prohibit new payday lenders from setting up shop in the city.
Zoning laws adopted in 2005 restrict payday lenders to two business districts — Graham Road near the Stow border and on Howe Road. The law also requires a special review before approval to determine if the business will adversely affect adjacent properties.
The new ordinance proposed by at-large Councilwoman Carol Klinger would add additional restrictions. It would limit payday loan businesses to one for every 10,000 residents.
With a population of about 50,000, that means three of the seven payday lenders in the Falls would have to close before a new one could open. Short-term loan businesses would also be prohibited from opening within 1,000 feet of each other.
During a public meeting Nov. 26, several people approached the podium to speak in favor of the legislation.
Comments from the public and council members during council's Planning and Zoning Committee meeting Monday were not much different — with one exception. Hugh Utterback, who owns two payday loan businesses in Stark County, said he attended the meeting to defend payday lenders.
Utterback asked the council to ''see beyond the attack on payday loan lenders'' and vote against the proposed ordinance.
''Who will help people who find themselves short on cash if payday lenders are not there to provide short-term loans?'' he said. ''People use payday lenders because no other segment of the financial services community will serve the needs of individuals for small short-term loans.''
Utterback said the misuse of payday borrowing by a small number of customers should not be grounds to punish an entire industry.
He said he is not just defending his livelihood, but the American way of free enterprise.
''Destroying an industry that provides a needed source of money to thousands of responsible borrowers is a terrible thing to do and it hurts the lives of Ohioans and Ohio businesses,'' he said.
Klinger countered that with employees who encourage additional borrowing and loan fees that amount to nearly 400 percent interest, payday lenders do more harm to their customers than good. She quoted former employees of the short-term loan business who admitted during testimony to state legislators that their jobs were to prey on people who could least afford another bill.
The council committee, chaired by at-large Councilwoman Kathy Hummel — voted Monday to send the legislation to the full council for a vote.
CUYAHOGA FALLS: The Cuyahoga Falls City Council is expected to vote Dec. 10 on legislation that will effectively prohibit new payday lenders from setting up shop in the city.
Get the full article here.
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