Group wants Des Moines to limit pawnshops, payday lenders

(Posted on the Des Moines Register)

July 16, 2010 - Members of the activist organization Iowa Citizens for Community Improvement called for density regulations for pawnshops and payday lenders in Des Moines at a public forum Thursday.

About a dozen representatives of the group showed up at the first of two forums hosted by the city Plan and Zoning Commission to discuss new regulations under consideration for Des Moines pawnshops and payday lenders.

Those who spoke argued that these businesses trap borrowers into cycles of debt and drain the community of wealth. They asked that the city regulate the number of payday lenders to one for every 20,000 residents.

There are an estimated 14 pawnshops and 31 payday lenders currently in Des Moines, city officials report.

"I'd like to have them all leave," added CCI member Robin Ghormley. "It's predatory lending. ... They hover around areas that serve our poor. It's terrible."

Read the rest of the article at DesMoinesRegister.com.