Nixon Vetos Bill On Payday Loans

payday loansIt’s been a busy week for Governor Jay Nixon as he has signed and vetoed several bills. Some of the pieces of legislation approved include a bill which extends a program providing prescription drug assistance to older Missourians and those with disabilities. Another bill signed by the Governor creates a new license for assistant physicians. Several measures were also vetoed this week. For example, Nixon vetoed two bills dealing with payday loans and short term installment lenders. The governor says one bill does not provide true reform to payday lending while the other takes away the authority of local governments to protect consumers. A total of ten bills were approved by Nixon Thursday while five were vetoed.

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  1. KimW says

    There are many rules and regulations concerning payday loans in every state, in some states such lending is forbidden at all. I think it’s up to consumers to choose what they want in need but on the other hand there are many complains that such loans have sky high fees and provoke a debt cycle in numerous families. But it’s necessary to admit that still there are many consumers looking for an opportunity to get loan with poor credit score. I don’t think that payday lending is as bad as it sometimes described but people should be careful when they apply for unsecured loans. Most of them are expensive because of high interest rates so it can happen that you will need to get another loan to repay the one you’ve taken out before.

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