Payday Loans
Brian Yates (R-Payday Loans)
Rep. Brian Yates (R-Lee's Summitt) is officially resigning at noon tomorrow to work full time for QC Holdings. It's a payday loan company, with stores operating mostly as Quik Cash or National Quik Cash.
H'ray usury!
Taking a Closer Look at Payday Loan Abuses
Rep. Mary Still (D-Columbia) is hosting a "district hearing" at the Columbia Public Library tonight for public and expert input on the abuses of payday loan companies. Still sponsored legislation this year to restrict interest rates on payday loans, but Speaker Ron Richard refused to assign the bill to a committee until the last day of the session, effectively killing the bill before it could even be considered.
Also speaking tonight will be Rep. John Burnett (D-Kansas City), UMKC economics and law professor Bill Black and representatives from the AARP and Better Business Bureau.
In preparation for the event, organizers distributed the following facts about payday loans in the Show-Me State:
- The latest Missouri Division of Finance report documents that payday lenders in Missouri charge an average interest rate of 430.68%.
- Missouri's law allows interest rates of up to 1,980%.
