Lending Bills will help Preserve Safe and Affordable Credit Options in Missouri
Jefferson City (March 13, 2014) — House and senate bills that would help preserve safe and affordable credit options for Missouri borrowers were welcomed today by Stand Up Missouri, a group representing traditional installment lenders, their customers and supporters.
House Bill 1681 and Senate Bill 866 were both the subjects of hearings this week. They define a ‘traditional installment loan’ in a way that makes clear that such loans are radically different to other forms of small-dollar credit. It is these differences – which include full amortization, an assessment of the borrower’s ability to repay, repayment in regularly scheduled equal payments of principal and interest, and reporting to credit bureaus – which have led many observers to view traditional installment loans as a safer form of small-dollar credit than the alternatives.
The bills also seek to protect traditional installment loans from being caught up in local efforts to crack down on certain loan products in Missouri, ensuring that state law has primacy when it comes to the regulation of installment lenders.
“We applaud Senator Wasson and Representative Dugger for their work on these bills, and we hope to see them become law in our state.” said Tom Hudgins, Chief Executive at Stand Up Missouri. “By distinguishing between different small-dollar loan products, we hope that these bills will allow the development of policy which preserves safe, affordable installment loans options for Missouri borrowers.” ENDS
Stand Up Missouri Supports Keeping Payday Initiative Off Ballot
Jefferson City, Mo. (August 26, 2012) Stand Up Missouri today asserted its support for a ruling by Missouri election officials that the “Payday Ballot Initiative” cannot appear on the state ballot in November.
Stand Up Missouri Warns Voters About Dangers Of “Payday” Initiative After Supreme Court Decision
Jefferson City, Mo. (August 1, 2012) Stand Up Missouri remains committed to educating the public about the dangers of the so-called “Payday Loan Initiative” after the Missouri Supreme Court helped clear the way for the initiative to appear on the November ballot.
Missouri Consumers Object to Misnamed “Payday Loan Initiative”
Jefferson City, Mo. (July 23, 2012) Consumers are expressing their support for traditional installment lenders and for Stand Up Missouri’s efforts to educate the public about a misnamed Missouri ballot initiative. The measure, misleadingly titled the “Payday Loan Initiative,” is purportedly aimed at restricting payday loans.”
Missouri Supreme Court Weighing Consumer Credit Ballot Initiative
Jefferson City, Mo. (July 4, 2012) The Missouri Supreme Court is weighing a ballot initiative that would affect Missourians’ access to personal credit. The court is considering an appeal of the Cole County Court’s decision vacating the petition for what is being called the “Payday Loan Initiative.” Cole County Judge Daniel R. Green had ruled that the petition language misled signers and was “insufficient, unfair and likely to deceive voters.”
Special Interest Groups Pushing Missouri’s Payday Ballot Initiative
JEFFERSON CITY, Mo., June 4, 2012 — A special report presented this week by Stand Up Missouri asserts that Missouri’s “Payday Ballot Initiative” is an effort by special interest groups to circumvent the legislature and mislead the public. “Although the initiative is claimed to be an effort to protect Missourians from payday loans,” the report states, “it’s simply another example of a special-interest group taking advantage of the system.” The report points out that the “misnamed initiative” would actually eliminate all small-dollar lending in the state, including “an important small-dollar lending option for consumers in Missouri—traditional installment loans (TILs).” Although TILs are fundamentally different from payday loans, these traditional loans would also disappear from the state if the initiative passes.
Stand Up Missouri Applauds Judgment on “Payday Loan Initiative”
JEFFERSON CITY, Mo., April 6, 2012 — Stand Up Missouri applauds the Circuit Court of Cole County, Missouri, and its ruling to vacate Initiative Petition 2012-66 (the so-called “Payday Loan Initiative”). The court found that the ballot title is likely to misled voters about the real impact of the initiative petition because it failed to accurately assess its economic impact on Missouri by disregarding its detrimental effect on traditional installment lenders and other safe and affordable credit options.
Hundreds Support Stand Up Missouri in Rally at State Capitol
JEFFERSON CITY, Mo., Feb. 8, 2012 — More than 500 concerned citizens joined Stand Up Missouri, a nonpartisan coalition representing concerned citizens and businesses from across the state, and legislators at a kick off rally at the State Capitol today. The purpose of the rally was to encourage Missourians to decline to sign a petition being circulated under the guise of stamping out predatory lending.
Stand Up Missouri Coalition Launches to Rally Against State Payday Loan Ballot Initiative
JEFFERSON CITY, Mo., Dec. 7, 2011 — Today, Stand Up Missouri, a non-partisan coalition which represents consumers, businesses, civic groups, and faith-based organizations from across the state launched its initiative to protect access to safe and affordable traditional installment loans and to oppose the Missouri Payday Loan Ballot Initiative. The coalition strives to educate Missourians about traditional small-dollar installment loans, which will disappear if the ballot initiative passes.