payday quick loans--scam

This is from CBS last year. Good to know the folks in Jefferson City and DC have reacted quickly for they have yet to address this issue.

I guess healthcare and bank reform took priority. Too bad they did nothing except talk and play politics.

This "North Carolina" story could well be down the street from any of us.

This is the law in Missouri:


Mississippi 75-67-501 et seq. $400 Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following: (a) Three percent of the face amount of the check or $5, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state; (b) Ten percent of the face amount of the check or $5, whichever is greater, for personal checks; or (c) Five percent of the face amount of the check or $5, whichever is greater, for all other checks, or for money orders. A licensee shall not directly or indirectly charge any fee or other consideration for cashing a delayed deposit check in excess of 18 percent of the face amount of the check.

Missouri 408.500 to 408.506 $500 or less Any person, firm, or corporation may charge, contract for and receive interest on the unpaid principal balance at rates agreed to by the parties. No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75 percent of the initial loan amount on any single loan.

In Illinois:

$1,000 or 25 percent of the consumer's gross monthly income, whichever is less
No lender may charge more than $15.50 per $100 loaned on any payday loan over the term of the loan.


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