Payday loan veto would keep high interest rate cap

3 years 8 months 2 weeks ago Friday, September 05 2014 Sep 5, 2014 Friday, September 05, 2014 1:23:00 PM CDT September 05, 2014 in News
By: Josh Sultan, KOMU 8 Reporter
loading

COLUMBIA - Wednesday, September 10, 2014 is a crucial day for Missourians and the Missouri Legislature. Wednesday is the legislature's veto session where a payday loan bill vetoed by Gov. Nixon in July will be addressed. 

Legislators passed Senate bill 694 before the summer recess. Nixon took less than two months to veto  the bill saying it "provides false hope of true payday lending reform while in reality falling far short of the mark." 

Payday loan lenders can currently charge borrowers interest rates of up to 75 percent and allow loan renewals as many as six times. 

Sen. Mike Cunningham's (R-Rogersville) vetoed bill wanted to restrict interest rates to 35 percent and terminate renewals so a consumer would have to pay off their initial loan before taking out a new one. 

Cunningham said he will not challenge the bill's current standing saying that he couldn't get enough votes from his colleagues. 

No payday loan businesses would talk to KOMU News and insisted that we call their corporate offices, which are not in the state of Missouri. 

Some people say the loan is a ripoff, but others feel it's beneficial in tough times. 

"They're not the best, but they do help us out when we're in a crunch and when you live on a fixed income," borrower Dedra Milholland said. "They do help me. I don't use them very much, but when they I do they are there to help."

Cunningham also said that the bill would've been the newest payday loan legislation in over a decade. He hasn't decided if he will pursue it again next session. 

More News

Grid
List
KANSAS CITY, Mo. (AP) — The ACLU of Missouri is suing the Independence School District on behalf of a senior... More >>
2 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 6:35:52 PM CDT May 25, 2018 in News
NEW BLOOMFIELD – Locals living in this town of about 700 people are concerned after abruptly hearing about a special... More >>
3 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 5:47:00 PM CDT May 25, 2018 in News
COLUMBIA - The Thornbrook neighborhood was without water and electricity for almost two hours on Friday. Columbia Water and... More >>
3 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 5:36:00 PM CDT May 25, 2018 in News
CALLAWAY COUNTY – Four vehicle crashes have occurred this week along State Road F west of Fulton in Callaway County.... More >>
4 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 4:12:00 PM CDT May 25, 2018 in News
COLUMBIA – After serving eight years in the United States Air Force, the passion of this veteran for sky travel... More >>
5 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 3:50:00 PM CDT May 25, 2018 in News
JEFFERSON CITY - In another day of political theater, the special House committee investigating Governor Eric Greitens heard new testimony... More >>
5 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 3:15:00 PM CDT May 25, 2018 in News
COLUMBIA- Organizers are expecting a large turnout for the 30th annual "Salute to Veterans" airshow on Memorial Day weekend. ... More >>
6 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:53:00 PM CDT May 25, 2018 in News
COLUMBIA- When most people lose an animal, one of the first steps is to put a "missing" sign on a... More >>
6 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:46:00 PM CDT May 25, 2018 in News
COLUMBIA - Aircraft and pilots met at Columbia Regional Airport Friday to prepare for the 30th annual "Salute to Veterans"... More >>
6 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:45:00 PM CDT May 25, 2018 in News
CALIFORNIA - A high-speed car chase ended Sunday when the suspect slid into a ditch, according to a press release... More >>
6 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:30:00 PM CDT May 25, 2018 in News
JEFFERSON CITY- It's no secret more cars will out for Memorial Day weekend, but many drivers are taking precautions before... More >>
6 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:16:00 PM CDT May 25, 2018 in News
JEFFERSON CITY - More than five hundred Missourians have lost their hunting, fishing and trapping licenses after a Department of... More >>
7 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 1:48:00 PM CDT May 25, 2018 in News
HARRISONVILLE (AP) — Authorities say a 12-year-old western Missouri boy fought off an attempted abduction by hitting the... More >>
12 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 8:53:00 AM CDT May 25, 2018 in News
COLUMBIA - Missouri State Highway Patrol is investigating an early morning crash on I-70 Westbound. It caused major backups... More >>
12 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 8:47:00 AM CDT May 25, 2018 in News
COLUMBIA - On Thursday, the Columbia Airport Advisory Board announced the TSA approved a security screening lane to open by... More >>
21 hours ago Thursday, May 24 2018 May 24, 2018 Thursday, May 24, 2018 11:41:00 PM CDT May 24, 2018 in News
COLUMBIA- May is known for Mother’s day, Memorial Day and in Missouri, the start of tick season. “May, June... More >>
1 day ago Thursday, May 24 2018 May 24, 2018 Thursday, May 24, 2018 8:21:00 PM CDT May 24, 2018 in News
COLUMBIA – The Columbia City Council discussed a recent engineering study today centering on increasing traffic flow east of Columbia.... More >>
1 day ago Thursday, May 24 2018 May 24, 2018 Thursday, May 24, 2018 7:11:00 PM CDT May 24, 2018 in News
LAKE OZARK - The Missouri State Highway Patrol is encouraging people to practice safe boating ahead of Memorial Day weekend.... More >>
1 day ago Thursday, May 24 2018 May 24, 2018 Thursday, May 24, 2018 6:55:00 PM CDT May 24, 2018 in News
Columbia, MO
Broken Clouds 76°
9pm 75°
10pm 74°
11pm 73°
12am 71°