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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 are going to 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 cost on short-term loan establishments. Those consist of payday and car name loan providers, along with check cashing shops.

Here is just exactly what else it could do:

  • The town would utilize the license cash to employ a commissioner, that would then examine lenders that are short-term.
  • The commissioner would make certain any brand new short-term loan providers searching for a license are in minimum 500 foot from homes, churches and schools, as well as minimum one mile from comparable companies.
  • Any short-term financing establishment would need to plainly upload just exactly exactly what it charges in interest and charges

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