Mo. House Panel Endorses Payday Loan Legislation

3 years 8 months 2 weeks ago Thursday, April 03 2014 Apr 3, 2014 Thursday, April 03, 2014 4:10:20 AM CDT April 03, 2014 in News
By: The Associated Press

JEFFERSON CITY (AP) - A Missouri House panel has adopted a measure that would eliminate renewals on payday loans and lower the amount of interest borrowers can currently charge.

Under current law, payday loans can be up to $500 and last from 14 to 31 days. Loans can be renewed up to six times.

In Missouri, a borrower cannot be charged more than $75 in interest and fees for a $100 loan. The measure endorsed by the House Financial Institutions Committee on Wednesday would lower that cap to $35.

The bill also allows a borrower to sign up for additional time to pay back a loan without penalty.

The Senate passed the measure earlier this year, but its version removed the cap on the amount of interest a borrower can be charged.

 

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