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- Bob Evans restaurant in Cape Girardeau among chain's 21 closings (04/26/16)9
- Missouri House votes to allow concealed weapons without permits (04/28/16)7
- Police report filed, but no charges in incident at Cape Central (04/29/16)38
- Two hurt in motorcycle wreck on Interstate 55 (04/25/16)1
- Senator introduces bill for I-57 that would connect Sikeston with Little Rock (04/28/16)4
- Law firm requests information about Cape's traffic cameras (04/25/16)2
- Local lawmakers split over failed medical marijuana bill; voters may have a say (04/26/16)19
- Local company makes eco-friendly kitty litter that cuts cat-box smell (04/25/16)
- Man accused of pointing BB gun at Chaffee resident (04/26/16)2
Senator calls for changes to payday loan laws
JEFFERSON CITY, Mo. -- Missourians who take out payday loans could get more time to pay them off under legislation proposed by a state senator.
Payday loans are unsecured loans of $500 or less that must be paid off within 31 days. Sen. John Lamping, a St. Louis County Republican, told a Senate committee Monday that people should get at least 90 days to pay off those loans. The bill would also make it illegal for payday lenders to roll over or extend loans beyond 90 days.
Lamping's bill does not put any cap on the amount of interest lenders can charge. A ballot measure that could go before voters in November aims to limit certain loan interest rates to 36 percent. Lamping says a 36 percent cap would drive lenders out of business.
Payday loans bill is SB476