Mo. House member files payday loan legislation

Friday, January 13, 2012

JEFFERSON CITY, Mo. (AP) — A Missouri House member is proposing legislation that would ask voters to approve tougher regulation of certain installment loans.

The legislation by Democrat Mary Still, of Columbia, would cap the interest on payday loans and some other installment loans at 36 percent.

Approval by the state House and Senate would put the measure to a statewide vote. Several similar questions that don’t require legislative action have also been proposed for the Missouri ballot.

Still has sought new lending regulations in recent years and says Missouri’s current regulations are too weak.

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JCLifer 1 year, 4 months ago

36%! That is a great deal!!!

We can always count on our lawmakers to do a great job!!!

gofish 1 year, 4 months ago

Haven't seen one elected on a platform of common sense yet, probably never will.

JCLifer 1 year, 4 months ago

How about people not signing the contract if the deal is not good?

Personal responsibility is so much better than more government rules.

Right or wrong it’s about time something was done about them so I say it’s about time our legislature finally is doing something that’s actually positive. We have caps on interest for banks, credit unions and credit cards but for some reason these businesses, that charge upward of 350% interest, have been ignored. They are more or less legalized loan sharks that will do everything they can to get you not to pay so you end of paying ridicules amounts on a few dollars that was borrowed. Guess they have a good lobbyist at the federal and state level.

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