New legislation pending before Gov. Jay Nixon could give people running short of money a new alternative for getting some quick cash.
A bill would make it profitable for Missouri-based banks to offer short-term cash advances, similar to payday loans.
Some nationally chartered banks already offer the short-term loans with fees of around $50 on a $500 loan. Missouri law had allowed such loans, but the Missouri Bankers Association says that few banks offered them because the law set the maximum fee too low.
Some consumer groups have raised concerns about the short-term bank loans. They say people can become dependent on costly debt, just like with payday loans.
Another piece of legislation on the governor’s desk would require doctors be in the room for the initial dose of a drug used in medical abortions.
The Republican-led Legislature approved the legislation. Nixon, a Democrat, has about a month to sign or veto the bill. Otherwise, it will take effect without his signature.
Supporters of the legislation say it would prevent "telemedicine" abortions and is needed to protect women's health and safety. Opponents say the process is safe, and the legislation seems to be more of an attempt to restrict availability of abortion services.
Nixon has not indicated whether he will sign or veto the legislation.
