Consumer finance

Golden Valley considers stricter regulations for pawn shops and payday lenders

4:02 p.m. | Monday, August 9, 2021

Should cities have stricter regulations for pawn shops, precious metals dealers and small payday lenders? This is an issue that Golden Valley will consider.

The city is studying possible zoning changes to better regulate these businesses. Currently, they are permitted in commercial zoning districts.

Golden Valley city council last year approved a temporary moratorium on new pawn shops, payday lenders and precious metal dealers. The extra time allowed city officials to study “the potential negative impacts on the health and well-being of community members by these types of businesses.” This moratorium expires this month.

The reason for making changes, according to city documents, could improve the livability of the neighborhood and prevent crime. Members of the Golden Valley Planning Commission will consider requiring a minimum distance between these types of businesses. A peer review of communities shows buffer zones ranging from 500 feet to 1000 feet. City of Golden Valley staff currently recommend a 750 foot buffer zone.

The planning committee will address the issue at its meeting this evening. The city council would have the final say on any change in ordinance.

Golden valley

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