4 www.pgcitizen.ca | Thursday, October 14, 2010 local A better payday loan option Mark Nielsen Citizen staff mnielsen@pgcitizen.ca Banks and credit unions need to “find ways to innovate their services” to prevent the financially-stressed from turning to payday loan stores in times of need and digging themselves into deeper holes in the process. That’s one of the conclusions three UNBC researchers set out in a report prepared for the Prince George Aboriginal Business and Community Development Centre on “fringe financial institutions, the unbanked and the precariously banked” in Prince George. The authors, economics professor Paul Bowles and researchers Keely Dempsey and Trevor Shaw, also suggest creation over the longer term of “new institutions designed specifically to meet the needs of low income individuals.” There have been attempts made elsewhere, they note in the report, although they’ve been money losers. In 1996, Four Corners Community Savings was established in east Vancouver with a $300,000 annual subsidy from the provincial NDP government, but in 2004 the plug was pulled by the subsequent Liberal government, citing accumulated losses totaling $6 million. But that same year, Vancouver City Savings Credit Union, in a partnership Strange Grapes! Wine Event Join us for a unique evening and experience unexpected wines and some unforgettable food! Experience five unique wines and with five unique culinary creations! Saturday October 6th Doors open @ 6:00 PM - Food @ 7:00 PM Tickets $40.00 each or 2 for $75.00 available at rhe i wisTed cork RESTAURANT Mon-Thu: 11:00-11:00; Fri, Sat: 11:00-12:00; Sun: 5:00 - 10:00 Phone: 250 561-5550 • 1157 5th Avenue Ray Gerow with a report on fringe financial institutions. Citizen photo by Brent Braaten with the Portland Hotel Society, opened Pigeon Park Savings. As of 2007, PPS was serving 4,200 members but was losing about $100,000 a year. However, PPS is an improvement over Four Corners, the authors contend, in that it is part of a larger chain of 59 Vancity branches and so is not subject to as onerous regulatory requirements of its stand-alone predecessor. “PPS offers clients cheque-cashing, unlimited withdrawals, bill payments, money orders and ATM access all for a simple fee of $5 per month,” the authors wrote. “Currently, PPS is promoting financial literacy amongst its members and the community in an effort to provide the ‘tools to make sound decisions’ and to effectively deter the use of fringe financial institutions.” With the report in hand, ABCDC president Ray Gerow said the next step will be to raise some funds to move to the business planning stage to explore options for Prince George. “I would think the options that will be explored would be looking at both short and long term solutions, which may or may not include an ‘institution,’” he said. “It’s too early yet to be able to effectively gaze into that crystal ball, but for sure we are examining what is happening with Pigeon Park Savings in Vancouver to see if it is a suitable model for Prince George.” The report is centred on a survey, conducted over an eight-month period, of 176 people found exiting payday loan stores. They identified two types of users — those who frequent the stores at least once a month and are likely to rely on income assistance and disability payments and those who have accounts in banks or credit unions but occasionally turn to payday loans to meet short-term needs - although a large portion of that group frequents the stores once a month or more. B.C. legislation limits the stores to a maximum interest rate of 23 per cent and $1,500 in fees on short-term loans (up to 62 days). But that still adds up, the authors indicate, as a lender can charge $64.40 for a 10-day loan of $280, which works out to 839.5 per cent when annualized. Nonetheless, the authors found that their patrons preferred payday loan outlets in part because their hours and locations are more convenient and holds are less likely to be placed on cheques. Other factors, like easy access to emergency funding for car repairs, tax refund loans and wire transfers and bad credit records that preclude patrons from borrowing elsewhere were also important. PRINCE GEORGE NATIVE FRIENDSHIP CENTRE 41st Annual General Meeting Date: October 19, 2010 Location: Prince George Native Friendship Centre Time: 5:30 PM - Stew & Bannock 6:30 PM - Registration i 7:00 PM - Annual General Meeting M Power of Friendship Hall Pi 1600 - 3rd Avenue (1 Prince George, BC V2L 3G6 Phone (250) 564-3568 \ Membership Application Deadline: Applications will be accepted until October 18, 681546 201 0. Forms are available at front reception. NEW MEMBERS WELCOME PRIMETIME programs on TV tonight W4/10 1 7 PH ] 7.-W 4J Pm a PU a JO id PU | id » ££■1™ Scvni n- ?h. 6, ruThr* inj ■ lbU^l.d 1 DiV rf-; na.ru . Bqnglhi- lw(p gn lnp.h.i | ft) “7 H #1^1 Ol j«r^i -HP M*.ll (Hk'fll r-plpfjiiTffpo Jri-r CBC f=riu-i PH Nr-i . * ThpHlIn ai. lip iifnlb NBC hor- ifJJ! 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Protect Yourself with AAFTI-VIRAL I I H> H fi u ■ in Anli-VJrel -!£fj Anti-Viral Helps to shorten the duration and ■Eeve.'O,1 uf colds S Hus T Effacbw roiier far sore, irritated thrwte * Enhanced imrr-.np Function SoU *16" mg. &t.4i ,4w Norm Npr'r'if gulJti-1 \filfirt '.f JUfl ariL 1.Fj hliTwtlbii 9FWHW hWMWfK ftprfwcft forflHfyWSnufn dMkt REGIONAL DISTRICT qI FrjjriOT-Fpjl Gg«F9( NOTICE OF PUBLIC HEARING ZONING AMENDMENT BYLAW NO. 2644 Wottd 13 h*™tr* ^YErt not j Lub-u: 'nfj»r>q >nlu ZtmrfiQ Amendment flytu* HQ 26-U WM L« hrtJ (30 pm Thursday, Qc'ttair Jl, 2010 Regional Dfstncl Board Roan 155 StriHjl pyiftce (JeOQtf. BC ilinng EtykW =4 pfapCWd fa □mond zoning on Ihh Soi.lh Wrral ., or £h abicl '. ol Can too C? Vcl. an a sflt -xpocilk tj^i, la maw J revwl'dn tabm HI Ibd (ujbfKE HOfWLy. The propmy ib kJtototJ macTfy oT dfa end or PeHorson flood tpst. Th* pAner ib WsTfa r~ ----*i i'- l--- . ( it I 1 1 -tdH . 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IP. 20 andSi.iom Kmr.i I nlimof Davekprterfl Scrvicoa PnncnGociga, SC Tan: 250-562-861'* Rustad’s reprieve Nechako MLA dropped from recall hit list Gordon Hoekstra Citizen staff ghoekstra@pgcitizen.ca Nechako Lakes Liberal MLA John Rustad has been officially dropped from the anti-HST recall list. Anti-HST organizers who launched a successful initiative petition against the HST are holding a competition to see which of 18 Liberal MLAs initially targeted for recall can sign up the most campaigners. The riding with the most will be the first to be targeted for recall. They’ve already signed up more than 2,000 campaigners, more than 100 in some ridings. Rustad, who was dropped in the first week, didn’t even know he was no longer on the list. Rus-tad said, in fact, he couldn’t even say who was on the list. “It’s kind of irrelevant. I’m carrying out my responsibilities as an MLA,” said Rustad, repeating his stated position on the recall effort. Rustad was the only northern B.C. Liberal MLA on the recall list, so his removal means no Liberal MLAs are immediately targeted for recall. The Liberals also hold the ridings of Peace River North, Prince George-Mackenzie and Prince George-Valemount. Blair Lekstrom, who held Peace River South, recently resigned from caucus and the Liberal Party over the HST. Anti-HST organizer Chris Delaney said Rustad was dropped because Mike Summers, the chief anti-HST organizer in the Nechako Lake area, had health issues, and nobody immediately stepped up to fill the spot. (Summers earlier said that while there was wide support for the anti-HST campaign, it didn’t translate into an appetite for a recall). Delaney linked the lack of a recall effort in northern B.C. to the coming winter months, which he said is not a good time to conduct a campaign. UNBC political scientist Jason Morris said the size of the ridings in northern B.C. could also be a stumbling block, noting that some ridings in the densely-populated Lower Mainland can be traversed in just hours. The anti-HST camp would also be seeking out the most organized campaigns for their initial recall attempts, and its possible those teams are not in place in northern B.C. The Liberals have decided to take the initiative petition to a province-wide vote in Sept. 2011. Premier Gordon Campbell has also said that a simple majority of voters will decide the HST’s fate, a lower threshold than under the existing rules. The anti-HST forces are launching recall campaigns, they say, because they want the B.C. Liberals to hold the vote sooner. Delaney said the recall effort would end the moment the LIberals agreed to overturn the HST. The new tax — which combines the seven per cent provincial sales and five per cent GST — came into effect on July 1. The change means consumers are paying the provincial seven per cent portion of the HST on some new items including meals, domestic airline tickets, funerals, haircuts and new homes over $525,000. Cash for Quesnel airport Citizen staff Runway maintenance equipment at the Quesnel Airport will be upgraded now that the federal government has granted the necessary funds. About $158,000 was needed to replace the airport’s old wet/dry chemical spreader, which Transport Minister Chuck Strahl provided on Wednesday. Cariboo-Prince George MP Dick Harris made the announcement. “The Government of Canada is investing in the Quesnel Airport to ensure that efficient, safe, and affordable systems are in place to serve British Columbia residents in this community well into the future,” said Harris. Quesnel mayor Mary Sjostrom said the new equipment would help keep the runway safe and clear for aircraft coming and going from the Cariboo city. “Our airport is a vital piece of infrastructure,” said Sjostrom. “Not only does it open up the region for aviation tourism, but it plays a pivotal role in forest fire suppression activities, health-care emergencies and economic development initiatives. The addition of new capital equipment is a necessity and we appreciate the investment the federal government is making in our regional airport.” l55 4j*o(^n SlrcuT. fttnoo tJ*onan, BC V2L lPfl I*f4pha«- (2500 Wfr+OO, Thu Ft* 1 -K»-tt7-19W Fw CHfl SeS-THO. W#ft: . .the prince *george citizen it’s what matters to you LOTTO BC, LOTTO 6/49 LOTTO MAX The winning numbers in last Friday's Lotto Max draw were 03, 04, 05, 08, 13, 22, 33. The bonus number was 32. The four EXTRA winning numbers for British Columbia on last Friday were 10, 20, 29, 47. 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