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File #: RES 15-2044    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 12/2/2015
Title: Submitting a proposed zoning amendment to the Planning Commission regarding Alternative Financial Establishment.
Sponsors: Dan Bostrom
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Submitting a proposed zoning amendment to the Planning Commission regarding Alternative Financial Establishment.
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WHEREAS, pursuant to Minn. Stat. § 462.357, Subd. 4, the Council of the City of Saint Paul desires to initiate the following amendments to the City’s Zoning Code and hereby directs that the proposed amendments be referred to the Saint Paul Planning Commission so that it may study and prepare a report on the proposed amendments and deliver to the Council its recommendation regarding the proposed amendments; and

WHEREAS, the Council hereby proposes the following amendment to Leg. Code § 65.511 by adding new language clarifying the uses subject to the standards and conditions of section 65.511 to read as follows:

Sec. 65.511. Alternative financial establishment.
A person, firm, association, corporation or partnership engaged in the business or service of check-cashing or making loans to be repaid in one (1) lump sum or in installments over a set period of time, either collateralized or not, for which there is a fee or service charge, or interest received, including but not limited to loans collateralized by personal check, payroll check, wage assignment or personal property title, or collateralized with the promise to relinquish possession of any personal property upon default. Alternative financial establishment includes but is not limited to consumer small loan companies, currency exchanges, industrial loan and thrifts, and regulated loan companies, as defined and licensed by the Minnesota Department of Commerce. Alternative financial establishment does not include federal or state chartered banks, neighborhood loan offices defined under sec. 65.523 of this code, credit unions, or savings banks, nor does it include a person, firm, association, corporation or partnership that provides the service of cashing checks, drafts, money orders, or travelers checks for a fee, incidental to the person's primary business and the charge for cashing a...

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