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Mo. House member files payday loan legislation

Mo. House member files payday loan legislation

January 13th, 2012 in News

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.