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News - Bill would cap payday loan rates
Date : - Monday, December 1, 2008
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Rep.-elect Mary always wants to cap the interest rate on payday loan companies can charge in Missouri.
She planned to Prefil today a bill that would allow agencies payday loan costs $ 15 per $ 100 for the first month - the amount normally charged now - then the ceiling interest at an annual rate of 36 per cent for a loan extended beyond those 30 days.
Capping the rate is "essential", she said, noting that the average annual interest rate on a payday loan in Missouri is 422 percent. "It's just ridiculous to the state of Missouri to have a situation like this and to do so unregulated," she said. "To allow the situation to exist in these economic times is inexcusable."
The proposal is unique, said Lyndsey Medsker, a spokeswoman for the Community Financial Services Association, which represents more than half of agencies payday loan in the country. The association generally opposes any proposal to cap the rate to 36 percent, Medsker said, but she could not yet comment on the tax provision of $ 15 because she had not heard of this proposal forward.
A through to say 36 per cent of readers CAP essentially payday loan companies in the business, Medsker said. This is because the annual rate would only allow payday lenders to charge $ 1.38 on $ 100 loan. "These are two week loans, not annual loans," she said. "This is not so different from the one you want to rent a car for a week, and when you walk, they told you what the cost would be for one year."
Without options payday loans, consumers end up bouncing checks, paying late fees on past-due bills or borrowing less regulated online lenders, Medsker said.
"If you stop the brick and mortar stores, people will be online," she says. "Google" payday loans, and tens of thousands of Web sites arise, most of which are located in Costa Rica, the Bahamas All kinds of places that have no regulations. Our position is: Keep the brick and mortar stores and regulate them."
Still said she would be willing to consider other options for reform payday, but "if we adopt a payday loan bill, it must be strong," she says. "We need regulations that protect Missouri citizens."
His proposal also prohibits people from renewing payday loans. At present, the state allows loans to be renewed six times.
The proposal for a payday loan is one of three bills provided for local Democrats Prefil today on Capitol Hill, elected Republic and Chris Kelly Rep. Paul Quinn said at a press conference this morning.
However, Kelly and Rep-elect Stephen Webber are also proposing legislation to add "robo-calls" to the Missouri No Call list. By virtue of their position, a Live person would have to make a first appeal and ask residents whether or not to accept an automated message.
Quinn and Kelly have acknowledged that the Democratic-sponsored legislation will be difficult in a Republican-controlled House: Quinn estimated at less than 10 percent of bills passed last session were sponsored by Democrats.
Source: columbiatribune.com
She planned to Prefil today a bill that would allow agencies payday loan costs $ 15 per $ 100 for the first month - the amount normally charged now - then the ceiling interest at an annual rate of 36 per cent for a loan extended beyond those 30 days.
Capping the rate is "essential", she said, noting that the average annual interest rate on a payday loan in Missouri is 422 percent. "It's just ridiculous to the state of Missouri to have a situation like this and to do so unregulated," she said. "To allow the situation to exist in these economic times is inexcusable."
The proposal is unique, said Lyndsey Medsker, a spokeswoman for the Community Financial Services Association, which represents more than half of agencies payday loan in the country. The association generally opposes any proposal to cap the rate to 36 percent, Medsker said, but she could not yet comment on the tax provision of $ 15 because she had not heard of this proposal forward.
A through to say 36 per cent of readers CAP essentially payday loan companies in the business, Medsker said. This is because the annual rate would only allow payday lenders to charge $ 1.38 on $ 100 loan. "These are two week loans, not annual loans," she said. "This is not so different from the one you want to rent a car for a week, and when you walk, they told you what the cost would be for one year."
Without options payday loans, consumers end up bouncing checks, paying late fees on past-due bills or borrowing less regulated online lenders, Medsker said.
"If you stop the brick and mortar stores, people will be online," she says. "Google" payday loans, and tens of thousands of Web sites arise, most of which are located in Costa Rica, the Bahamas All kinds of places that have no regulations. Our position is: Keep the brick and mortar stores and regulate them."
Still said she would be willing to consider other options for reform payday, but "if we adopt a payday loan bill, it must be strong," she says. "We need regulations that protect Missouri citizens."
His proposal also prohibits people from renewing payday loans. At present, the state allows loans to be renewed six times.
The proposal for a payday loan is one of three bills provided for local Democrats Prefil today on Capitol Hill, elected Republic and Chris Kelly Rep. Paul Quinn said at a press conference this morning.
However, Kelly and Rep-elect Stephen Webber are also proposing legislation to add "robo-calls" to the Missouri No Call list. By virtue of their position, a Live person would have to make a first appeal and ask residents whether or not to accept an automated message.
Quinn and Kelly have acknowledged that the Democratic-sponsored legislation will be difficult in a Republican-controlled House: Quinn estimated at less than 10 percent of bills passed last session were sponsored by Democrats.
Source: columbiatribune.com
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