Chesterfield Co. Studies Alternative Lender Limits

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    Alternative lenders in Chesterfield County would be prohibited from locating next to residential property if a proposed policy is approved.

    The proposal also would require alternative lenders to maintain a minimum separation of a mile from one another. These financial institutions would be barred from five areas designated for revitalization.

    The Richmond Times-Dispatch reports that the Chesterfield County Board of Supervisors is expected to act on the proposal Wednesday.

    The proposal defines alternative financial institutions as businesses that provide short-term, high-interest personal lending services. They don't include banks, credit unions or savings and loan associations.