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Representative Mary Still (D), bless her, introduced HB 1294 which would place a cap on payday loan interest rates:

SECOND REGULAR SESSION

HOUSE BILL NO. 1294

96TH GENERAL ASSEMBLY

INTRODUCED BY REPRESENTATIVES STILL (Sponsor), NEWMAN, McCREERY, McNEIL, McGEOGHEGAN, KIRKTON, SHIVELY, AULL, QUINN, CASEY, KRATKY, McDONALD, SCHUPP, SCHIEFFER, WALLINGFORD, CARLSON, PACE, OXFORD, McMANUS, MORGAN, PIERSON, RIZZO, FITZWATER, LASATER, HOLSMAN, BROWN (50), SWINGER, BLACK AND KELLY (24) (Co-sponsors).

5157L.02I                                            D. ADAM CRUMBLISS, Chief Clerk

AN ACT

To repeal sections 367.515, 408.100, 408.500, 408.505, and 408.510, and to enact in lieu thereof six new sections relating to consumer credit interest rates, with a penalty provision and a referendum clause.

Be it enacted by the General Assembly of the state of Missouri, as follows:

[….]

367.105. Any person making or offering a consumer credit loan shall contract for and receive interest and fees in accordance with sections 408.100, 408.140, and 408.170 and shall be subject to all provisions of such sections.

367.515. A title lender shall contract for and receive simple interest and fees in accordance with sections 408.100 and 408.140 and shall be subject to all provisions of such sections.

           408.100. 1. It is the intent of the people of Missouri to prevent lenders, such as those who make what are commonly known as payday loans, car title loans, and installment loans, which have typically carried triple-digit interest rates as high as three hundred percent annually or higher, from charging excessive fees and interest rates that can lead families into a cycle of debt by:

           (1) Reducing the annual percentage rate for payday, title, installment, and other high-cost consumer credit and small loans from triple-digit interest rates to thirty-six percent per year;

           (2) Extending to veterans and others the same thirty-six percent rate limit in place for payday and title loans to active military families as enacted by the 109th United States Congress in 10 U.S.C. Section 987; and

           (3) Preserving fair lending by prohibiting lenders from structuring other transactions to avoid the rate limit through subterfuge.

[….]

[emphasis in original]

Goodness knows, not allowing predatory lenders to exploit working people with triple digit interest rates will cause the Republic to collapse. At least, that’s the republican line of thinking.