Rapacious Business Thread
 

Payday loans. Bottom feeding blood suckers. Can you believe that there are 73 (!!) in London, including the one run by AM-deCicco-Worst's lush of a husband?

probably more of a provincial issue but I salute this guy for trying.

Coun. Mo Salih wants city hall to find ways to regulate the payday-loan industry in London

Loan venture draws fire

It is not really just a London thing, although that is a staggering number. The whole concept of those places really just distills down to loansharking made legal. In my opinion it should be a federal issue, not a provincial issue. Taking advantage of the less fortunate does nothing positive for any provincial economy.

Definitely shouldn't be up to municipalities to regulate these things, but since the provincial and federal governments have failed us on this matter so far, it's worth a shot. Hope he can get something going.

Certainly should be a provincial or federal issue, but I also agree it is great to see someone trying to bring it to people attention.

Those places are such a joke, it is sad people have to even use it in the first place.

Mo Salih's heart is in the right place, but legally the city cannot legislate in an area of provincial and federal jurisdiction. The most it can do is refuse to issue a business licence to such operations and then force them to fight out the refusal in court with the idea that they'll just go away of their own accord.

It's a wonder these payday loan shops are allowed to operate at all, given that the Criminal Code states that the criminal definition of usury, i.e., loansharking, is an annual percentage rate of 64%. If you look at some of the payday loan agreements, you'll find that the effective rate of interest is often close to 520%!