City Proposes to Limit Where Cash Stores Can Open - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News-

City Proposes to Limit Where Cash Stores Can Open

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DECATUR-Payday loan and cash stores.  They promise you money quick, but at a high price.  Some stores charging up to 400 percent in interest.  A loan for hundreds can cost consumers thousands.

There are 24 of these businesses in town.

A city proposal would define these businesses as consumer credit services, it would restrict them to commercial zoning districts and it would prevent a new one from opening within 15 hundred feet of an existing business.]

Assistant City Manager Billy Tyus says restricting the density would go along with the city's comprehensive plan.

"Our comprehensive plan calls for economic stability in our city," Tyus says.  "So the charging of these significantly higher interest rates is going against what that is calling for."

The proposal would not impact businesses that are currently open.  

In order for the proposal to go through, city council will have to vote on it at a future date.

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