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Gambling Boat Loan Ban

JEFFERSON CITY - Credit-card loans would be banned on gambling boats under a measure presented to the Senate Financial Committee Monday afternoon.

"Credit cards are the ones that get people in trouble" Sen. Ronnie DePasco told the Senate committee.

The Kansas City Democratic said it's time to deal with the high charges that are assessed for withdrawing cash from credit-card machines in gambling places.

DePasco said that the average rate that is charged for a minimum transaction of $25 is $7.50. However, as the money borrowed goes up, the charge percentages go down.

"This bill is a super-protection measure that has to do with money that is loaned".

Current law prohibits loaning money on gambling boats. "They slip around the law," DePasco said, "by putting credit card machines on the boats to let people borrow money."

Bill Ratliff, from the Missouri Bankers Association, testified against the bill.

"If gambling is legal, why cut the financial instruments that give access to that?" Ratliff asked.

He said that people should have the same right to get money from credit cards machines on gambling boats as they can do at restaurants, shows or locations.