In a surprising turn of events Gov. Nixon vetoes payday loan bill. The bill passed the House 112-39 and the Senate 26-4. With this much support, this veto comes as a surprise.
The big change here was removing rollovers. The Governor wrote in a statement:
“Missourians want meaningful payday lending reform, not a sham effort at reform that allows such predatory practices to continue.”
I think this is positive news. Many lenders are moving to installment loans in Missouri, so this buys us at least another year before legislators start meddling with that product.