Proponents of a Nov. 4 ballot initiative to cap the annual percentage rate on short-term loans delivered about 180,000 signatures from registered Missouri voters to the secretary of state's office May 6.
JEFFERSON CITY -- Missourians need lending options, and a possible November ballot initiative to reform laws governing unsecured, short-term consumer loans -- often nicknamed payday loans -- could kill the industry in the state, Sen. John Lamping (R-St. Louis County) believes.
A group opposed to a ballot initiative to reform short-term consumer lending in Missouri apparently hopes the threat of fines or jail time might cause faith-based groups, particularly houses of worship, to back away.
A Missouri House committee has passed a bill its proponents believe is sufficient reform of laws governing short-term, small consumer loans — so-called payday loans. But those pushing stronger measures believe the proposed legislation doesn't go far enough.