Missouri House Backs Payday Loan Legislation

7 years 6 months 1 week ago Wednesday, April 13 2011 Apr 13, 2011 Wednesday, April 13, 2011 1:21:00 PM CDT April 13, 2011 in News
By: Associated Press

JEFFERSON CITY (AP) - The Missouri House has given first-round approval to a measure limiting how much payday lenders can charge customers.

Wednesday's vote was 99-57. The measure needs a second House vote before it goes to the Senate.

The bill caps total interest at 60 percent of the loan amount and lets customers "roll over" a loan three times instead of the current six.

Sponsoring Rep. Ellen Brandom, a Sikeston Republican, says the bill would protect consumers from high interest rates while still allowing payday lenders to make money.

But Columbia Democrat Mary Still argues that interest rates should be much lower and that customers should get more time to pay off their loans.

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