Mo. senator calls for changes to payday loan laws
(AP) JEFFERSON CITY, Mo. — Missourians who take out payday loans could get more time to pay them off, under legislation put forth by a state senator.Payday loans are unsecured loans of $500 or less. Current law says that that they must be paid off in 31 days. Sen. John Lamping, R-St. Louis County, told a Senate committee Monday that people should get at least 90 days to pay those loans. His legislation bill would make it illegal for payday lenders to "rollover," or extend loans beyond 90 days. It also would require lenders to enter customers' names in a state database to ensure a single customer does not take out more than one loan at a time.
Lamping's legislation would not set limits on interest rates charged on the loans. A proposed ballot measure that could go before voters this year would limit the interest rate to 36 percent.
Lamping said Monday that such a cap would make it impossible for payday loan companies to remain profitable, citing other states in which interest rates are set by law.
"For the most part, the payday loan industry has mostly left those states," he said. "The industry doesn't exist in those places."
Lamping said his bill is a compromise that would make changes while allowing lenders to make a profit.
Some criticized Lamping's proposal Monday, arguing it could force consumers to stay in debt longer, even if they were able to pay their loan quicker.
Gerri Guzman, the executive director of the Washington-based Consumer Rights Coalition, said the tracking database would invade customers' privacy and could encourage them to use illicit sources for short-term cash.
"Consumers should not be punished for having tough times," she said. "They should not be trapped or made to feel like criminals."
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Payday loans bill is SB476
Online:
Legislature: http://moga.mo.
pay day loans missouri - News
“You can get loans at credit unions and they can make money at 36% as well.” Traditional installment loan company workers say an initiative petition that targets payday loan stores will put them out of their jobs. “It overreaches and eliminates
(AP) JEFFERSON CITY, Mo. — Missourians who take out payday loans could get more time to pay them off, under legislation put forth by a state senator. Payday loans are unsecured loans of $500 or less. Current law says that that they must be paid off in
I have, however, lost count of how many columns I have published on the topic of Missouri's malignant payday loan businesses. My columns are virtually never challenged by local business owners because, like the slave ships of old, no one wants to admit
By Anonymous COLUMBIA, Mo. (AP) — Two Missouri organizations are working together to push ballot measures seeking to cap payday loan interest rates and increase the state minimum wage. Missourians for Responsible Lending and Give Missourians A Raise
PAYDAY LOANS - Opponents of a proposed ballot measure targeting payday and other small loans warn that the measure would limit Missourians' ability to get credit. - CANDIDATE FILING PERIODS - A Missouri senator has introduced legislation that would
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