Prop S seeks more legislation of pay day loans in St. Louis; supporters say state is failing

Prop S seeks more legislation of pay day loans in St. Louis; supporters say state is failing

While St. Louis voters decide among mayoral and aldermanic applicants in the town’s main election next Tuesday, they will additionally respond to a concern about short-term loan providers.

Proposition S asks whether or not the populous town should impose a yearly $5,000 charge on short-term loan establishments. Those consist of payday and car name loan providers, along with check cashing shops.

here is just what else it could do:

  • The town would utilize the license cash to engage a commissioner, who does then examine short-term loan providers.
  • The commissioner will make yes any new short-term loan providers looking for a license have reached minimum 500 legs from homes, churches and schools, and also at minimum one mile from comparable companies. Read more…