Missouri Governor Vetoes Payday Loan Bill

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.

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