Golden Valley Considers Stricter Regulations for Pawnshops, Payday Lenders
Should cities have stricter regulations for pawnshops, precious metal dealers and small payday lenders? It’s a question Golden Valley will consider.
The city is looking at possible zoning changes to better regulate such businesses. Currently, they are allowed in commercial zoning districts.
The Golden Valley City Council approved a temporary moratorium on new pawnshops, payday lenders and precious metal dealers last year. The extra time allowed city officials to study “the potential adverse impacts on the health and welfare of community members by these types of businesses.” That moratorium expires this month.
The reason to make changes, according to city documents, could improve neighborhood livability and prevent crime. Members of the Golden Valley Planning Commission will consider looking at requiring a minimum distance between these types of businesses. A review of peer communities shows buffers ranging from 500 feet to 1,000 feet. Golden Valley city staff currently recommends a 750 feet buffer.
The planning commission will take up the issue at its meeting tonight. The city council would have the final say on any ordinance change.