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Missouri House Democrats contest payday loan bill

Tuesday, April 12, 2011 | 10:06 p.m. CDT

JEFFERSON CITY — The Missouri House has set aside a sharply contested measure to limit how much payday lenders can charge customers.

The bill debated Tuesday would cap total interest at 60 percent of the loan amount and let customers "roll over" a loan three times instead of the current six.

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

But Mary Still, D-Columbia, said the interest rates should be much lower and that customers should get more time to pay off their loans.

The debate was contentious at times, with Speaker Pro Tem Shane Schoeller repeatedly interrupting Democrats to warn them about the nature of their arguments.


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