Rhode Island Department of Business Regulation
“Given the applicant’s insistence that the company’s middle-class customer is at the core of the demographics served by its product, the company’s choice of locating in Olneyville is a curious one.”
In a decision to reject license for national payday lender Check ‘n Go, the Rhode Island Department of Business Regulation wondered why a company that insists they serve the middle class chose to locate a store in Providence’s poorest neighborhood…
According to 2000 census data, Olneyville is Providence’s poorest neighborhood. The median income in Olneyville is under $19,700 (citywide median is about $32,000). The decision to deny the license also stated:
“The applicant did not demonstrate that access to short-term credit would promote the needs of the community or the public convenience and advantage.”
The Rhode Island Department of Business Regulation was established by the Rhode Island General Assembly in 1939 under Title 42 of Rhode Island General Laws. Its primary function is the implementation of state laws mandating the regulation and licensing of designated businesses.
Source: State Rejects License for Lending Store (The Providence Journal)
The Rhode Island Department of Business Regulation can be found in our list of State Regulatory Agencies for Payday Loans.
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