In Jefferson City, it has been reported that supporters of a payday loan bill argue that it brings new protections to consumers, but critics challenge that the bill is a false reform. In fact, critics say that the new bill helps the payday loan industry instead of consumers.
Yet, despite the opposition, the new bill won approval during a House committee meeting this week.
The new measure will limit loan amounts and will also require a one-day waiting period between cash loans from the same lending source. It was approved by the House Financial Institutions Committee with a 13-3 vote and will also place stricter controls upon lenders.
Reports indicate that the new bill will lower the annual maximum interest lenders can charge in the city from 1,920 to 1,564.
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