Toronto’s government that is general licensing committee decided Wednesday that the town should stop issuing licenses to brand new cash advance shops.

“These are in places where residents are extremely vulnerable,” said Ward 5 Councillor Frances Nunziata, including that a big wide range of payday loan internet internet sites are found inside her riding of York South-Weston.

“We need to get a grip on them.”

The ultimate decision will depend on city council, where its scheduled for debate on Oct. 2, however it had the unanimous support of councillors regarding the licensing committee, including Councillor Stephen Holyday, (Ward 2 Etobicoke Centre) whom stated he voted contrary to the movement just a technicality — he does support regulating cash advance companies. Read More