Missouri Senate endorses payday loan changes
Wednesday, February 19, 2014 | 12:39 p.m. CST
JEFFERSON CITY — The Missouri Senate has endorsed legislation that would prohibit borrowers from getting a renewal on payday loans.
State law currently allows borrowers to renew their loans six times. A payday loan can be no larger than $500 and can run only from 14 to 31 days.
The legislation was given first-round approval Wednesday by voice vote. It needs another affirmative vote to move to the state House.
Sponsoring Sen. Mike Cunningham, a Rogersville Republican, said his bill would prevent borrowers from getting into a trap by continuing to renew a loan and accumulate interest. His bill would give borrowers an extended time period to pay back a loan with no additional interest or fees.
Like what you see here? Become a member.
Report corrections or additions here. Leave comments below here.
You must be logged in to participate in the Show Me the Errors contest.
Leave a comment
Speak up and join the conversation! Make sure to follow the guidelines
outlined below and register with our site.
You must be logged in to comment. (Our
full comment policy is here.)
- Don't use obscene, profane or vulgar language.
- Don't use language that makes personal attacks on fellow commenters or
discriminates based on race, religion, gender or ethnicity.
- Use your real first and last name when registering on the website. It will
be published with every comment.
(Read why we ask for that here.)
- Don’t solicit or promote businesses.
We are not able to monitor every comment that comes through. If you see
something objectionable, please click the "Report comment" link.
You must be logged in to comment.