Intro: |
Lawmakers discussed tougher protections for payday loan consumers has been heard before a senate financial committee Monday. |
---|---|
RunTime: | 0:38 |
OutCue: | SOC |
Wrap: A senate committee heard testimony about a measure that would change the way payday loan companies do business in Missouri.
Senator Mike Cunningham, a Republican from southern Missouri, says the measure he is sponsoring would completely change the payday loan business in Missouri.
Actuality: | PAYDAY2.WAV |
---|---|
Run Time: | 00:04 |
Description: "Some of the people in the industry like it, some people don't like it, but I think it's something that needs to be done." |
The measure would prevent consumers from extending or renewing their initial loan, meaning the first loan would have to be paid off before taking out another loan.
Unless a consumer pays off their first loan, they would not be able to reborrow.
Reporting from the state Capitol, I'm Jeffrey Militzer.
Intro: |
Legislative committee heard a measure that would affect the way payday loan customers do business. |
---|---|
RunTime: | 0:35 |
OutCue: | SOC |
Wrap: A measure to change the law relating to payday loans could affect payday loan consumers.
Senator Mike Cunningham, a Republican from southern Missouri, spoke to a senate finance committee about the bill during a hearing Monday.
Actuality: | PAYDAY3.WAV |
---|---|
Run Time: | 00:10 |
Description: "Current law permits renewals or rollovers at six times, and this new law will allow only the initial loan and no rollovers." |
Renewals and rollovers allow lenders to continue loaning to customers who may have fallen behind by relending the money borrowed with a bit more interest.
Reporting from the state Capitol, I'm Jeffrey Militzer.