Sen. John Lamping, R-St Louis County, said he thought the APR was misleading: “If I lend you $100 and you pay me back in two hours from now and I charge you $10 for the loan, the APR is in thousands and thousands – it’s a meaningless thing. We need to have a one common standard of conversation of what does it actually cost,” he stated.
Although the bill passed out of the Senate, Republican St. Louis Senator John Lamping warned there is a problem easing restrictions Missourians voted to pass.