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Support S tries way more regulation of payday advances in St. Louis; supporters say county was crashing

While St. Louis voters choose among mayoral and aldermanic applicants from inside the urban area’s biggest selection next Tuesday, they’ll furthermore respond a concern about temporary creditors.

Idea S requests whether the town should inflict an annual $5,000 costs on short-term mortgage institutions. Those add payday and wheels label financial institutions, or confirm cashing vendors.

Here’s precisely what also it may accomplish:

  • The whole city would make use of permit cash to engage a commissioner, who would after that check out short term lenders.
  • The commissioner makes positive any brand new brief financial institutions attempt a license are at smallest 500 ft .
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