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 initial approval to legislation that will put brand brand new limitations on payday loan providers when you look at the town.

Local officials cannot regulate things such as the attention that lenders charge regarding the loans that are short-term. Instead, the bills from Alderman Cara Spencer, D-20th Ward, need loan providers getting a license to use into the town, and set limitations on where brand brand new people can start. (more…)

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