COLUMBUS, OH: Community Choice Financial Inc. today commended the Nashville Metro Council for its overwhelming rejection this week of an attempt to restrict the operational hours of consumer finance businesses.
The Metro Council voted 35 to 2 Tuesday against proposed legislation that would have prohibited short-term loan, cash-advance and check-cashing stores from serving their customers between midnight and 6 a.m. Community Choice Financial’s 36 locations in the State of Tennessee will immediately be evaluated to determine which locations should be converted to operate on a 24-hour, 7-day-per-week basis in order to better serve customers. The company already has stores open 24/7 in Alabama, Arizona, California, Florida, Indiana and Ohio.
“The Nashville Metro Council has spoken clearly in favor of increasing access to credit options for customers in Tennessee. The Council’s overwhelming vote signals support for free-market competition and the ability for national companies like ours to enter the marketplace in order to serve key constituencies,” said David Schwarz, Community Choice Financial’s Vice President for Government Affairs and Public Policy. “Community Choice Financial and Easy Money intend to continue to grow both our corporate, and store, presence at a rapid rate in the state in order to meet the financial needs of Tennesseans and spur job growth.”
According to media reports, the defeated Nashville proposal received strong opposition from constituents throughout the city, including the Nashville Area Chamber of Commerce and members of the African-American community.