House Votes to Override on Missouri Lending Measure

Missouri House members have voted to override a veto of legislation permitting lenders to charge higher fees on certain short-term loans.

The legislation would increase the maximum fee from 5 percent to 10 percent on installment loans, which generally run for at least four months. Lenders still would not be allowed to charge more than $75.

The House voted 109-51 Wednesday for the veto override — just barely meeting the required two-thirds majority. The bill now goes to the Senate.

Gov. Jay Nixon said in his veto message that the higher fees could be used by firms that typically offer payday loans.

The bill also expands options for people saving money for pre-paid funerals.