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

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

The St. Louis Board of Aldermen on Friday offered approval that is initial legislation that will place brand brand new limitations on payday loan providers within the city.

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