Faith community applauds payday lending reform bill veto

2 years 10 months 2 weeks ago July 10, 2014 Jul 10, 2014 Thursday, July 10 2014 Thursday, July 10, 2014 7:19:00 PM CDT in News
By: Jessica Mensch, KOMU 8 Reporter
loading

JEFFERSON CITY - Members of faith-based organizations said Thursday Governor Nixon's veto on the payday lending reform bill is a victory for the faith community and the working poor.

The payday lending reform bill would have changed the state's payday loan laws. Right now, borrowers in Missouri can renew a payday loan up to six times, and can face interest rates as high as 75 percent for the term of the loan. Since the typical loan is about two weeks, interest rates total to 1,950 percent annually.

The bill would have ended loan renewals and limited interest rates to 35 percent. This means the ammounting interest rate would be 912 percent annually.

Nixon said the bill wasn't "true reform" and blocked it from passing on Thursday morning.

Barbara Paulus, Leader of the Economic Task Force for Metropolitan Congregations United, said the bill was touted as reform, but was really a sham.

"Basically the legislature gave into the payday lending industry, because they were actually lobbying for this bill," Paulus said.

More News

Grid
List
ST. LOUIS (AP) — Police are investigating whether a man who stole a pickup truck after killing a woman and... More >>
1 hour ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 7:09:45 PM CDT in News
COLUMBIA – President Donald Trump's proposed budget cuts on Tuesday could decrease funding for food stamps by nearly $200 billion... More >>
2 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 6:38:00 PM CDT in News
COLUMBIA - Pizza Tree, a local restaurant in Columbia, is participating in a national campaign that works with the non-profit... More >>
3 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 5:17:23 PM CDT in News
JEFFERSON CITY (AP) — A preliminary assessment has found about $86 million of damage and costs from recent flooding and... More >>
3 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 5:00:00 PM CDT in News
ST. LOUIS (AP) — A St. Louis man could face up to a year in prison after admitting that he... More >>
4 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 4:28:01 PM CDT in News
COLUMBIA - Blue Cross and Blue Shield of Kansas City announced it will withdraw from the Affordable Care Act starting... More >>
5 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 2:56:00 PM CDT in News
PARMA (AP) — A southe ast Missouri ma n is accused of burglary after allegedly targeting a most unlikely place... More >>
7 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 1:51:54 PM CDT in News
ST. CHARLES - With no verdict reached, jurors will resume deliberating the fate of Mexico resident Serghei Comerzan on Friday,... More >>
7 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 1:21:00 PM CDT in News
ST. LOUIS (AP) — A woman is dead and a man critically wounded after shootings in St. Louis' Baden neighborhood.... More >>
8 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 12:38:59 PM CDT in News
JEFFERSON CITY - Lincoln University announced Mike Middleton as its interim president Thursday as it prepares for current president Kevin... More >>
9 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 11:55:00 AM CDT in News
COLUMBIA - A report of a chemical smell coming from a hotel room turned out to be from white powder... More >>
9 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 11:24:00 AM CDT in News
JEFFERSON CITY - Jefferson City's Boys and Girls Club opened its new facility after three years without headquarters. "When... More >>
11 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 9:08:00 AM CDT in News
RAYTOWN (AP) — A Kansas City-area middle school is offering support to students who saw a body hanging from a... More >>
12 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 8:33:00 AM CDT in News
ST. LOUIS (AP) — A bridge over Interstate 270 near St. Louis will be closed for the next three months.... More >>
13 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 7:51:57 AM CDT in News
ST. LOUIS (AP) — The federal agency investigating an April 3 explosion that killed four people in south St. Louis... More >>
14 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 6:35:42 AM CDT in News
COLUMBIA - MU has found its new chancellor. On Wednesday, UM System President Mun Choi introduced Alexander Cartwright as... More >>
20 hours ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 12:10:00 AM CDT in Top Stories
FAYETTE - The city of Fayette Wednesday night issued an immediate boil advisory until further notice for all residents affected... More >>
22 hours ago May 24, 2017 May 24, 2017 Wednesday, May 24 2017 Wednesday, May 24, 2017 10:06:00 PM CDT in News
JEFFERSON CITY (AP) — A Democratic state lawmaker has taped messages from constituents to Republican Gov. Eric Greitens's door urging... More >>
1 day ago May 24, 2017 May 24, 2017 Wednesday, May 24 2017 Wednesday, May 24, 2017 8:28:00 PM CDT in News
Columbia, MO
Broken Clouds 69°
9pm 67°
10pm 65°
11pm 64°
12am 64°

Select a station to view its upcoming schedule:

Coming Up Next

8:00p
Running Wild with Bear Grylls
9:00p
Red Nose Day
10:00p
KOMU 8 News @ 10
8:00p
Supernatural
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld

Tonight's Schedule

7:00p
American Ninja Warrior
8:00p
Running Wild with Bear Grylls
9:00p
Red Nose Day
7:00p
Supernatural
8:00p
Supernatural
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld