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Missouri House Democrats contest payday loan bill

Missouri House Democrats contest payday loan bill

April 13th, 2011 in News

JEFFERSON CITY, Mo. (AP) - The Missouri House has set aside a sharply contested measure to limit how much payday lenders can charge customers.

The bill debated Tuesday would cap total interest at 60 percent of the loan amount and let customers "roll over" a loan three times instead of the current six.

Sponsoring Rep. Ellen Brandom, a Sikeston Republican, said the bill would protect consumers from high interest rates while still allowing payday lenders to make money.

But Columbia Democrat Mary Still argued the interest rates should be much lower and that customers should get more time to pay off their loans.

The debate was contentious at times, with Speaker Pro Tem Shane Schoeller (SHOH'-lur) repeatedly interrupting Democrats to warn them about the nature of their arguments.

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Payday loans bill is HB656

Online:

Legislature: http://www.moga.mo.gov