And the annual fee charged to lenders will pay for city inspectors to monitor whether lenders are complying with the new rules.

“The state has refused to adequately oversee the payday loan industry,” Spencer said. “A municipality can only do so much. This bill addresses what we can address. It’s a no-brainer.”

A few of her colleagues, however, were skeptical of the bill. 21st Ward Alderman Antonio French, a candidate for mayor, was especially critical of the bill during debate last week, although he ended up voting for it on Thursday.

French argued that imposing the fee will only push lenders into the county, therefore making it harder for people in the city to access emergency cash to make ends meet.

The owners of several payday lending stores have not returned repeated requests for comment dating back to last month.

However, Lou Hamilton, a lobbyist who represents members of the industry, offered his personal opinion on the legislation.