payday loans

By Gregory F. Maxwell / Wikimedia commons

Missouri regulators are again considering whether to stop payday lenders from collecting utility bill payments from their customers.

money
File Photo / Flickr

Missouri lawmakers are considering an overhaul of the state's payday loan industry that would give borrowers more time to pay back a loan.

Jacob Fenston / KBIA

Two groups that had been pushing to get initiatives stiffening regulations on payday loans and raising Missouri's minimum wage are giving up their fight to get the measures on the November ballot.

Missouri voters will be asked in November to raise the state's tobacco tax and let St. Louis run its own police department.

Jacob Fenston / KBIA

Initiatives that would cap payday loan interest rates, raise the Missouri minimum wage, and raise the state's tobacco tax are a step closer to the November ballot, after a Missouri Supreme Court ruling yesterday. The three initiatives were tied up for months in court – one judge struck down the payday petition, ruling the ballot summary was "likely to deceive petition signers." But yesterday, the Missouri Supreme Court upheld all three ballot summaries.

jonathunder / Wikimedia Commons

The authority of the Missouri auditor to write financial estimates for ballot initiatives is under scrutiny by the state Supreme Court.

The high court heard arguments Monday on whether a law directing the auditor to prepare the financial estimates exceeds the limits of the auditor's authority spelled out in the Missouri Constitution.

Newscast for April 6, 2012

Apr 6, 2012
Jacob Fenston / KBIA

Regional news coverage from the KBIA newsroom, including:

  • House endorses teacher tenure compromise
  • Ruling could doom payday loan ballot initiative
  • Missouri House approves advertising on school buses
Jacob Fenston / KBIA

 A Missouri judge has dealt a setback to supporters of a ballot proposal that would limit interest rates on payday loans. Cole County Circuit Judge Dan Green ruled Thursday that the ballot summary and financial estimate for the initiative are "inadequate" and "unfair" and "likely to deceive petition signers."

Payday loans: credit option or debt trap?

Apr 3, 2012
Jacob Fenston / KBIA

Missouri is fertile ground for payday lenders. With some of the loosest regulations in the nation, we are among the states with the most payday lending stores per capita. In this Health & Wealth report, the payday lending industry in Missouri fights for its life, as activists aim for the November ballot to try to rein in these lenders they say trap the working poor in a cycle of debt.

By Gregory F. Maxwell / Wikimedia commons

A Missouri House member is proposing legislation that would ask voters to approve tougher regulation of certain installment loans.