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Pay Day Loan Reform Goes to Governor

May 6, 2002
By: Rebecca Gannon
State Capital Bureau
Links: SB 884

Reforms in the loan industry are bound for the governor.

Rebecca Gannon has the story.

Story:
RunTime:
OutCue: SOC

Representative Chris Liese's reforms in pay day loans got the House and Senate's stamp of approval Monday afternoon.

Pay Day loans allow people to take money for a set amount of time. Then, they pay it back on their "pay day" so to speak, or when they have the money.

Liese, of West County, says the reforms will help more people who desperately need it.

Actuality:PayDay3
RunTime: 12
OutCue: "...per hundred."
Contents: Describes bill as putting a cap of 75% of original loan and limiting rollbacks.

The bill is now bound for Governor Holden's desk. This is the first major bill of the year to make it out of both chambers.

Rebecca Gannon, Jefferson City.


You can borrow, but it'll cost ya, just not as much.

Pay Day loan reforms move to the governor.

Rebecca Gannon has more.

Story:
RunTime:
OutCue: SOC

Pay Day Loan reforms hit the ground running, and made it through without a scratch.

The bill passed in both chamber of the Legislature, meeting approval in the House Monday afternoon.

The Pay Day Loans bill allows people to borrow money and pay it back at no more than 75 percent.

Some say it is a large number, but when put in perspective, Representative Chris Liese says it's a drastic change.

Actuality:Payday4
RunTime: 14
OutCue: "...life of the loan."
Contents: Right now, pay day loans have up to 400% interest

The bill is now on it's way to Governor Holden. This is the first major bill of the year to go to the governor.

Rebecca Gannon, Jefferson City.


Reforms to Pay Day Loans pass in both legislative chambers and move to the governor.

Rebecca Gannon has more.

Story:
RunTime:
OutCue: SOC

Missouri cracking down on payday loans.

Both the House and the Senate passed the pay day loan reform Monday afternoon.

Bill sponsor Representative Chris Liese says this reform is needed.

Actuality:PayDay3
RunTime: 12
OutCue: ".. per hundred."
Contents: Describes bill as putting a cap of 75% of original loan and limiting rollbacks.

The bill passed the House by an overwhelming margin.

It is now on it's way to the governor's desk.

Rebecca Gannon, Jefferson City.