New county ordinance to limit payday loan providers Payday loan providers and check-cashing outlets behave as an alternate to old-fashioned banking institutions by providing short-term loans and will charge effective interest levels as much as 460 percent, county officials said. Board of Supervisors President George Shirakawa stated they passed the ordinance because such lenders are “predatory” and target residents that are low-income. Based on the Center for Responsible Lending, such financing companies are disproportionately based in African-American and Latino neighborhoods,…