Santa Clara County Board of Supervisors passes ordinance to block check-cashing organizations
The Board of Supervisors passed an ordinance Tuesday evening, May 1, that obstructs payday loan providers and check-cashing companies from starting brand brand new branches into the unincorporated aspects of Santa Clara County.
Payday lenders and check-cashing outlets become a substitute for conventional banking institutions by providing short-term loans and will charge interest that is effective as high as 460 %, county officials said.