§ 43-1. Legislative findings.

The City Council finds and concludes the following:

(1)

That the lending and marketing practices of short term loan establishments, as defined herein, can result in serious financial hardships to some of its citizens, particularly its elderly and low income citizens, from which they cannot extract themselves, perpetuate poverty and perpetuate the dependency upon public financial assistance, housing, health care and social services;

(2)

That the proliferation over the past several years of short term loan establishments both in the city as a whole and, more particularly, in certain areas of the city cause or contribute to the deterioration of certain of the city's commercial and residential areas;

(3)

That the patterns of this proliferation suggest the industry's targeting of low-income citizens most likely to suffer financial hardship as a result of the lending practices and small loan products offered by short term loan establishments; and

(4)

That the further regulation of short term loan establishments is necessary for the promotion and protection of the public health, safety and welfare of its citizens, the city's interests, and those of its citizens, in maintaining the quality of its commercial and residential neighborhoods and the city's interests in maintaining its tax base.

(Ord. No. 070846, § 1, 8-30-07)