New Law Raises Consumer Loan Fees

6 years 2 months 3 weeks ago Sunday, September 22 2013 Sep 22, 2013 Sunday, September 22, 2013 11:27:00 AM CDT September 22, 2013 in News
By: The Associated Press
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JEFFERSON CITY - Fees will be rising on some consumer loans under a law enacted when Missouri legislators overrode a veto by Governor Jay Nixon.

The fee increase will primarily affect smaller loans that are repaid over several months or years. It's not meant to affect payday loans, which can last no more than 31 days.

The measure doubles the origination fee that lenders can charge from 5 percent to 10 percent of the principal. But it leaves in place a $75 fee ceiling. The means lenders can charge the full 10 percent fee only on loans of up to $750 and can collect a few more dollars on loans of up to $1,500.

Lending industry lobbyists describe it as a minor change. But some consumer advocates don't like the new law.

 

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