Chesterfield Board Sets Policy for Alternative Lenders

Tuesday, April 16th, 2013

By Jeremy Slayton, Richmond Times-Dispatch

Chesterfield County leaders this week signed off on a strict policy that limits where financial lenders offering high-cost instant loans can operate.

According to the policy, alternative lenders must maintain a minimum separation of 1 mile between closest property lines, and they are banned from locating next to residential property or in five areas designated for revitalization.

The policy also prohibits more than one type of these financial lenders from operating under the same roof. These institutions are defined in the policy as providing “short-term, high-interest personal lending services” that do not include banks, credit unions, savings and loan associations, or precious-metals dealers.

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Published: April 12, 2013

Note: While the Virginia Poverty Law Center is not quoted in this article, the great work done by staff member Dana Wiggins, the Virginia Partnership to Encourage Responsible Lending  and the Chesterfield County Planning Commission was instrumental in bringing about this policy to limit payday lenders in Chesterfield County.

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