Missouri governor vetoes payday loan legislation

4 years 11 months 2 weeks ago Thursday, July 10 2014 Jul 10, 2014 Thursday, July 10, 2014 12:08:00 PM CDT July 10, 2014 in News
By: The Associated Press

JEFFERSON CITY (AP) - Legislation re-writing Missouri's payday loan laws has been vetoed by Gov. Jay Nixon because he says it falls short of "true reform."

Borrowers in Missouri currently can renew a payday loan up to six times and can face interest rates as high as 75 percent of the loan's original amount. 

The bill vetoed Thursday would have ended loan renewals and capped fees and interest rate as 35 percent.

Supporters said the bill would provide greater protections to consumers. 

But Nixon said it still would have allowed unreasonable interest rates and that people still could have been offered multiple loans by multiple lenders at the same time. He said the bill "appears to be part of a coordinated effort by the payday loan industry to avoid more meaningful reform."

Payday loan bill is SB694.

More News

Grid
List
BOONE COUNTY - Monday night firefighters returned to a hospitalized Boone County man's home to finish mowing his lawn. ... More >>
5 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 9:49:00 PM CDT June 24, 2019 in Top Stories
OSAGE COUNTY – The Mari Osa Delta campground, along the Osage River and Missouri River Delta, has lost about 15... More >>
7 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 7:10:00 PM CDT June 24, 2019 in News
COOPER COUNTY - Deputies arrested 25-year-old Jasmine Bronger Monday afternoon after an incident Monday morning at the Harriman Hill river... More >>
8 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 6:39:00 PM CDT June 24, 2019 in Top Stories
JEFFERSON CITY - Planned Parenthood can continue carrying out abortions at its St. Louis clinic through Friday, a circuit judge... More >>
10 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 4:06:00 PM CDT June 24, 2019 in News
SLATER - A 35-year-old man pleaded guilty in federal court Monday to transporting a 16-year-old across state lines for illegal... More >>
11 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 3:26:00 PM CDT June 24, 2019 in News
COLUMBIA - Food truck vendors say their new spot in downtown Columbia is good for them and hungry customers. But... More >>
12 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 2:59:00 PM CDT June 24, 2019 in News
JEFFERSON CITY - Flooding cleanup kits are now available for those affected by recent natural disasters at the Cole County... More >>
12 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 2:58:00 PM CDT June 24, 2019 in News
JEFFERSON CITY - Lt. Governor Mike Kehoe asked President Donald Trump to issue a major disaster declaration to help those... More >>
12 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 2:52:00 PM CDT June 24, 2019 in News
JEFFERSON CITY - Jefferson City is trying to prevent active mosquito breeding in flooded areas. David Grellner, the city's... More >>
12 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 2:20:00 PM CDT June 24, 2019 in News
MEXICO - An Overland man was sentenced Monday to 25 years in prison for the 2017 death of Leon Wilder.... More >>
13 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 2:03:00 PM CDT June 24, 2019 in News
JEFFERSON CITY- A second suspect has been charged in connection with a Jefferson City shooting and assumed narcotics deal. ... More >>
15 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 11:56:00 AM CDT June 24, 2019 in News
WASHINGTON (AP) — The Latest on tensions between the U.S. and Iran and in the Persian Gulf (all... More >>
15 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 11:31:00 AM CDT June 24, 2019 in News
JEFFERSON CITY - Jefferson City's Department of Public Works marked June 30th as the final day for debris collection. The... More >>
23 hours ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 3:30:00 AM CDT June 24, 2019 in News
COLUMBIA - STEMette summer camp will start Monday. The Columbia STEM Alliance in conjunction with Mizzou's College of Engineering... More >>
1 day ago Monday, June 24 2019 Jun 24, 2019 Monday, June 24, 2019 1:49:00 AM CDT June 24, 2019 in News
ST. LOUIS COUNTY (KSDK and AP) — A 26-year-old man was charged on Monday in relation to the shooting of... More >>
1 day ago Sunday, June 23 2019 Jun 23, 2019 Sunday, June 23, 2019 8:06:00 PM CDT June 23, 2019 in News
LEBANON - A Moniteau County man has been sentenced for the 2016 death of a Tipton student. Travis Clark,... More >>
1 day ago Sunday, June 23 2019 Jun 23, 2019 Sunday, June 23, 2019 6:26:00 PM CDT June 23, 2019 in News
COLUMBIA - Jonah Morgan, the store manager of Cricket Wireless in Columbia is holding a block party on Sunday to... More >>
2 days ago Saturday, June 22 2019 Jun 22, 2019 Saturday, June 22, 2019 8:18:00 PM CDT June 22, 2019 in News
JEFFERSON CITY - One month after an EF-3 tornado tore through Jefferson City, residents and local leaders are looking back... More >>
2 days ago Saturday, June 22 2019 Jun 22, 2019 Saturday, June 22, 2019 4:12:00 PM CDT June 22, 2019 in News
Columbia, MO
Broken Clouds 63°
4am 63°
5am 62°
6am 61°
7am 64°