Get ready for another predatory loan fight

Cole County judge upheld a summary of proposed MO. ballot measure that would limit interest, fees and charges on predatory loans. That’s just one of the hurdles to get it on the ballot. Next supporters have until early May to get enough voter signatures to get the initiative on November 2014’s ballot.  There is also a pro-industry petition that has also been filed in Missouri by Jefferson City lobbyist Jewell Patek. In 2012 a predatory loan petition was brought up to cap the rate of payday loans at 36%, but it never made it to the ballot. Secretary of State Robin Carnahan rejected the petition saying there wasn’t enough valid signatures. Carnahan was sued for not counting signatures that were valid, but later the suit was dropped because it wouldn’t get settled before the petition deadline. In 2011, 2.43 million payday loans were made in the state of Missouri, with an average APR (annual percentage rate) of 444%. To say we need to get rid of these predatory loans would be an understatement.

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