7th Ward Independent Democrats have voted to endorse passage of Prop S on the March 7th ballot. The organization’s endorsement brings with it the endorsement of 7th Ward Democratic Committeewoman Marie Ceselski.
Prop S, S as in Short Term Loan, will provide funding for local regulation of payday loan and car title loan businesses via a fee on said businesses.
Prop S is important for consumer protection. It also compliments the financial literacy work of Treasurer Tishaura Jones and her mayoral campaign platform on Access to Responsible Banking and Credit.
Prop S (Board Bill 70) is a ballot issue created by Alderwoman Cara Spencer (20th Ward). It asks St. Louis City voters to authorize a fee for the permitting of short term loan businesses. These funds would be used to pay for the local regulation of said businesses.
Prop S is the funding mechanism for its companion Board Bill 69 by Alderwoman Cara Spencer (20th Ward) to establish a Short-Term Loan Code for St. Louis City.
Board of Aldermen records show mayoral candidates Jeffrey Boyd (22nd Ward) and Lyda Krewson (28th Ward) were absent and did not vote on both bills.
Here are a few news stories on this issue as it was making its way through the legislative process at City Hall.
6/3/2016 St. Louis American: Alderman Cara Spencer proposes new regulations for payday lenders in STL
6/24/2016 St. Louis Public Radio: Aldermen take aim at ‘payday loan’ establishments
11/04/2016 St. Louis Public Radio: After months of delay, aldermen give initial approval to restrictions on payday lenders
11/10/2016 St. Louis Post-Dispatch: Lawmakers vote to crack down on payday lending, voters have final say
— Marie Ceselski, 7th Ward Democratic Committeewoman