254.1 “Payday Loan”

(a)       means a use where the advancement of money with a principal of $1,500 or less and term of 62 days or less is made in exchange for a post-dated cheque, a pre-authorized debit or a future payment of a similar nature, but not for any guarantee, suretyship, overdraft protection or security on property, and not through a margin loan, pawnbrokering, a line of credit or a credit card;

(b)       is a use within the Sales Group in Schedule A to this Bylaw;

(c)       must not be located within 400.0 metres of any other Payday Loan or any other approved use for the activities described in subsection (a), when measured from the closest point of a Payday Loan to the closest point of another Payday Loan or any other approved use for the activities described in subsection (a);

(d)       requires a minimum of 2.0 motor vehicle parking stalls per 100.0 square metres of gross usable floor area;

(e)       requires a minimum of 1.0 bicycle parking stalls – class 1 per 100.0 square metres of gross usable floor area; and

(f)        requires a minimum of 1.0 bicycle parking stalls – class 2 per 100.0 square metres of gross usable floor area.