Payday loan moratorium

Critics of Mary Still's bill said the proposed legislation will lead to an elimination of hundreds of jobs in Missouri.

Gov. Jay Nixon, who referred to the payday loan industry as a "voracious predator," is looking to tighten Missouri's payday lending laws. Industry advocates said this stance conflicts with Nixon's commitment to creating jobs.

The director of public affairs for Advance America, Cash Advance Centers Inc., says customers say they choose payday loans, in part, because they are simple, reliable and transparent.

Short-term loan customers appreciate having access to credit that saves them money by helping them to avoid fees associated with bounced checks and late bill payments.

The Columbia City Council's six-month moratorium on the opening of new payday lending outlets is a good start, but must be followed up by regulations that rein in the excesses of these businesses.

State Rep. Mary Still called a payday loan reform hearing held Monday night "very informative" and said she plans to use what she learned to craft a bill aimed at further regulating the industry statewide.

Payday loan businesses will be the topic of discussion at a meeting held by State Rep. Mary Still, D-Columbia, at 6:30 p.m. Monday at the Columbia Public Library.

A six-month moratorium has been placed on new payday loan business and the City Council is now looking into other options to regulate the small loans with high interest rates.

After approving an ordinance that places a six-month moratorium on payday loan businesses, the Columbia City Council will look to gather information on how other communities deal with them.

The City Council approved an ordinance early Tuesday morning that places a six-month suspension on opening new payday loan businesses in Columbia.

The City Council on Monday night will consider whether to impose a moratorium on payday loan businesses in Columbia.

The organization questions the ethics of employers making money off the wages of their workers.

Legislators are cracking down and putting restrictions on payday loan companies, in an attempt to protect Missouri consumers.