Lawmakers Vote to Override Bill on Short-Term Loans

6 years 4 months 1 week ago Wednesday, September 11 2013 Sep 11, 2013 Wednesday, September 11, 2013 6:56:00 PM CDT September 11, 2013 in News
By: The Associated Press

JEFFERSON CITY - The Missouri Legislature has voted to override the governor's veto of a bill permitting lenders to charge higher fees on certain short-term loans.

The legislation would increase the maximum fee from 5 percent to 10 percent on installment loans, which generally run for at least four months. Lenders still would not be allowed to charge more than $75.

The House voted 109-51 Wednesday for the veto override - just barely meeting the required two-thirds majority. The Senate followed suit on a vote of 25-9.

Gov. Jay Nixon said in his veto message that the higher fees could be used by firms that typically offer payday loans.

The bill also expands options for people saving money for pre-paid funerals.

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