Councillors want controls on payday loan establishments

Counsellors Shoemaker and Butland place resolution on agenda for next week's city council meeting

International Bridge is seen reflected in Civic Centre windows. David Helwig/SooToday

The following resolution has been placed on the agenda of next week's City Council meeting by Ward 3 Councillor Matthew Shoemaker and Ward 1's Steve Butland.

The meeting will be livestreamed on SooToday starting at 4:30 p.m. on Tuesday, Feb. 20.

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Payday lending bylaw

Mover: Councillor M. Shoemaker

Seconder: Councillor S. Butland

Whereas the Province of Ontario has given municipalities the power to regulate the payday lending industry; and

Whereas Sault Ste. Marie has not yet approved any regulation for the payday lending industry; and

Whereas municipalities such as Hamilton, Ontario, are leading the way in payday lending regulation;

Now therefore be it resolved that the City of Sault Ste. Marie legal department propose a bylaw to the council for the City of Sault Ste. Marie that, among other things, requires payday lending institutions to:

advertise in a prominent manner the cost of borrowing; and
provide to the borrower credit counselling brochures approved by the City of Sault Ste. Marie

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