This article first appeared in the St. Louis Beacon, Feb. 21, 2011 - Legislators seeking restrictions to Missouri's "pay day loan'' laws are planning a local panel and forum on Thursday as part of their quest to make their case.
State Rep. Mary Still, D-Columbia and the chief sponsor of proposed changes, is headlining the public event, to be held from 7-9 p.m.at The Commons at Olive and North Drive in University City. The host is state Rep. Rory Ellinger, D-University City.
According to the announcement, the forum will feature lawyers and financial experts.
Says the release: "Testimony will be taken by those who have paid thousands of dollars in interest and not yet paid back their pay day loan. The forum will point out how unregulated pay day loans bleed the local community and discourage home investment and neighborhood improvement."
Missouri's pay-day loan industry says it provides a needed service, particularly for low-income people and those with poor credit. Critics point to the loans' high-interest rates of more than 400 percent.
The critics previously included now-Gov. Jay Nixon, a Democrat who attacked the industry in 2007 during his campaign. Still is a former aide to Nixon during his years as state attorney general.
