Payday loan bills on tap
JEFFERSON CITY — Payday loans, denounced as predatory by some and defended by the industry as the only place for some consumers to borrow emergency money, will be the subject of a legislative hearing tomorrow afternoon.
The House Financial Institutions Committee, chaired by Rep. Don Wells, R-Cabool, a former owner of a payday loan company, will hear bills by Rep. Mary Still, D-Columbia, that would impose strict new limits on the industry and by Rep. Ellen Brandom, R-Sikeston, who wants to make only minor changes in the way lenders operate. The hearing is set for 5 p.m. in the state Capitol.
Wells, in an interview, said he’s aiming to implement “consumer protections without killing the industry.” The ideas he wants in a bill are very similar to the provisions of Brandom’s proposal, which includes a limit on the number of renewals for each borrower, posting of the dollar amount charged per $100 borrowed and an allowance for a long-term repayment plan without penalties.
Until April 2010, Wells owned a Kwik Kash outlet in Cabool. He said he provided a service to “people with too much month left at the end of their money” but that the business itself did not make a profit.
In past sessions, Wells has bottled up payday loan bills in his committee, generating criticism that he was protecting his own pocket. “I have no financial interest whatsoever in a payday loan company,” Wells said.
Payday loan companies typically lend money for a period of two weeks to one month. The loans are as much as $500, and, on average, fees and interest mean borrowers pay almost 445 percent for the money, according to the most recent report by the Division of Finance.
Still’s bill would limit the cost of the loans to 5 percent of the amount borrowed, up to $25, plus interest of no more than 36 percent. Still’s proposal would make the minimum repayment period 90 days and bar the loans from being made in nursing homes.
Under Brandom’s bill, borrowers would have to wait one day after repaying a loan before borrowing additional money. Under Still’s proposal, the borrower would have to wait two weeks before taking out a new loan.
Although Still’s measure has been attacked as an attempt to kill the industry, she said she is trying to protect consumers."You can make money at 36 percent, she said." Some companies offer money to 18 percent. So says the FDIC is a reasonable rate.
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