Matthew Green proposed the legislation, which will allow only one lender to operate in each of the city's 15 wards, in an effort to limit «predatory»
behaviour by payday loan companies.
If you realize you are stuck with this clause in your agreement after the fact, then write a letter rescinding this permission without a court order being
obtained by the payday loan company first.
You are then charged more interest and
penalties by the payday loan company, increasing the amount you owe, and are also charged penalties and fees by your bank for being overdrawn on the account.