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Coalition Calls for Tougher Regulation of Loan Industry

January 16, 2002
By: Missy Shelton
State Capital Bureau

A coalition of lobbying groups wants lawmakers to crack down on what it calls predatory lending practices.

Missy Shelton has more from the state capitol.

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Missourians like Miriam Kenyon say the state should regulate so-called payday lenders, companies that give small, short-term loans and paycheck advances to individuals.

Kenyon says her problems began when an illness forced her to turn to such a company for some quick cash.

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Powerful lobby groups like the American Association of Retired Persons and the AFL-CIO support legislation that would limit a payday loan company's ability to charge high interest rates and fees.

Father John Weiss is with the Kansas City Church Community Organization.

He says many churches that run food pantries are providing services to people who are having financial problems caused by payday loan companies.

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Last year, legislation cleared the General Assebmly that regulated title and payday loan companies because lawmakers said the industry took advantage of people.

Now, some lawmakers say they need to pass tougher regulations for the industry.

However, some legislators say last year's bill, which has since become law goes far enough and it's now up to consumers to make an educated decision about taking out a loan from these copanies.

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