New legislation in the House would cap loans at $750, limit interest rates, and prohibit a borrower from having more than one outstanding loan at any time writes the Missouri Times.
Missouri is a great place to operate if you’re a lender. This law would cripple the industry. The bill stinks from this standpoint. The proposed max loan amount is $750 and limited to one loan per borrower. How does that encourage competition?
I’m against these databases. I would be fine, if they gathered anonymous information for the benefit of lenders and consumers. They’re just too “Big Brother” for my taste.
It’s insane that we baby these voting adults. It’s like, hey, you can not make a financial decision, but you can vote for the president of the United States. The inmates are taking over the asylum.
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