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House Bill Hopes to Limit Payday Loans

The Payday loan industry is under legislative scrutiny for changing high interest rates to borrowers. Christopher Shields has more from the State Capitol.

The House Banking and Financial Institutions Committee heard testimony in support of a bill that would put a cap on how much interest payday lenders are able to charge.

Bob Rastifer of the Christ the King Church Community Organization was one of many people who argued that these loans hurt the poor.

The bill would also prohibit lenders from lending money to borrowers with 2 outstanding loans.

From Jefferson City, Christopher Shields.