After months of delay, aldermen give initial approval to restrictions on payday loan providers

After months of delay, aldermen give initial approval to restrictions on payday loan providers

The St. Louis Board of Aldermen on Friday provided initial approval to legislation that could place brand new limitations on payday loan providers when you look at the town.

Local officials cannot regulate things such as the attention that loan providers charge in the short-term loans. Rather, the bills from Alderman Cara Spencer, D-20th Ward, need loan providers to obtain a license to work within the town, and set restrictions on where brand new people can start. Continue reading “After months of delay, aldermen give initial approval to restrictions on payday loan providers”