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‘Proposition S’ proponent aims to combat predatory lending in St. Louis

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ST. LOUIS, MO (KTVI) - The mayoral primary election is Tuesday and there is one proposition on the ballot. Proposition S aims to charge a fee to pay-day loan companies in the city. The proposition also states lenders cannot pass that fee on to the consumer.

Alderwoman Cara Spencer introduced the bill. She wants people to vote yes on Proposition S so the city can enforce the law to combat what she considers predatory lending.

"They are required by city ordinance to be clear to the consumer what the payday loan product is, the interest rates that they charge and they have to also provide their consumers with a list of alternatives that are not predatory IN Nature- they have a lower interest rate," said 20th Ward Alderwoman Cara Spencer.

Spencer says Kansas City voted for a very similar law a few years ago.