Three Missouri lawmakers want to put regulations on what some call 'legal loans', or loans issued to help keep people afloat during lawsuits.
Missouri currently does not regulate these lenders. However lobbyist Eric Schueller, who lobbies on behalf of the lenders, testified in favor of one of the bills during yesterday’s hearing of the House Banking Committee.
“We have been operating here [without] a problem," Schueller said. "If nothing happens, we'll still be operating here with no problems and no issues.”
All three bills require lenders to register with the state but differ when it comes to certain penalties and caps on interest rates.