St. Louis voters approve annual fee for short-term lenders

St. Louis voters have passed a ballot measure that will impose an annual $5,000 fee on short-term lenders, such as payday loan and car-title lending establishments.

The measure, known as Proposition S, was approved by about 60 percent of voters. The measure was sponsored by 20th Ward Alderman Cara Spencer.

The measure also will:

  • Hire a commissioner to inspect short-term lenders and make sure any new short-term lenders seeking a permit are at least 500 feet from houses, churches and schools, and at least one mile from similar businesses.

  • Require short-term lenders to clearly post what it charges in interest and fees.

  • Require short-term lenders to offer a guide on alternatives to short-term loans.

Spencer, who is the executive director of the Consumers Council of Missouri, has said the goal was to better regulate the industry in St. Louis and push state legislators to take broader action.

Read more: St. Louis Public Radio


Tags:, , , ,

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students

Learn more