JEFFERSON CITY, Mo. (AP) - Fees will be rising on some consumer loans under a law enacted when Missouri legislators overrode a veto by Governor Jay Nixon.
The fee increase will primarily affect smaller loans that are repaid over several months or years. It's not meant to affect payday loans, which can last no more than 31 days.
The measure doubles the origination fee that lenders can charge from 5 percent to 10 percent of the principal. But it leaves in place a $75 fee ceiling. The means lenders can charge the full 10 percent fee only on loans of up to $750 and can collect a few more dollars on loans of up to $1,500.
Lending industry lobbyists describe it as a minor change. But some consumer advocates don't like the new law.
Governor Jay Nixon's veto of a controversial gun rights measure will stand.
The override of HB-436 had passed the Missouri House 109-49 Wednesday afternoon, but the override attempt fell a single vote short in the Senate Wednesday night (22-12).
The legislation declared that any federal policies that "infringe on the people's right to keep and bear arms" shall be invalid in Missouri. It would have allow state charges to be brought against federal authorities who attempted to enforce federal gun laws.
After the Senate vote Wednesday night, Nixon issues a statement applauding the Senate's action to sustain his veto of a bill he called "unnecessary, unconstitutional and unsafe."
JEFFERSON CITY, Mo. (AP) - A Republican push to cut Missouri's income taxes faces resistance as lawmakers decide whether to override Gov. Jay Nixon's vetoes.
The Republican-led Legislature convenes Wednesday for a veto override session. The tax cut is the highest profile issue out of Nixon's 33 vetoes.
The legislation would phase-in hundreds of millions of dollars of income tax cuts for businesses and individuals. Republican legislative leaders say it would spur the economy and help Missouri compete against recent tax cuts in Kansas and other states.
But Nixon says the lost revenues could jeopardize education funding. And he says a drafting error would impose sales taxes on prescription drugs.
A veto override requires a two-thirds majority in both chambers. Supporters may fall short in the House, because several Republicans plan to vote "no."
Texas Governor Rick Perry says that unless Missouri lawmakers override Governor Jay Nixon's veto of an income tax cut, he won't be the only governor trying to lure business from the Show-me State. Perry made the comments Thursday evening while speaking at a pro-tax cut rally in Chesterfield.
Perry had spent the day in the St. Louis area pushing for the override of Nixon's veto of House Bill 253.
Nixon crisscrossed the state Thursday, telling crowds that the tax cut would imperil critical services like education and risk the state's Triple-A tax rating.
Both men spent Thursday morning discussing their positions with McGraw Milhaven on his KTRS morning show. Nixon continued to criticize the Texas Governor for trying to "poach" business, while Perry said it's merely competition in a very competitive arena.
Perry also told McGraw that $40 million in business leaves Missouri for Texas every year, although he could not name any specific business. Nixon contests that figure.
The Missouri Governor said the bottom line is that states should be competing against the world for a piece of the economic pie, not slicing into each other's portion.
JEFFERSON CITY, Mo. (AP) - Some Republicans in the Missouri House say a veto override appears likely for a high-profile gun bill, but the odds remain uncertain for a tax-cutting measure after a meeting of GOP lawmakers.
House Republicans who attended a private weekend caucus said Monday that there was a lot of discussion about the income tax cut vetoed by Democratic Gov. Jay Nixon.
The bill's sponsor, Rep. T.J. Berry of Kearney, says he feels more optimistic about the prospects of an override. But the meeting may not have changed too many minds. Rep. Don Phillips, of Kimberling City, says he still plans to vote "no."
Rep. Doug Funderburk, of St. Peters, says his bill attempting to nullify some federal gun-control laws received little Republican opposition and appears poised for a veto override.
SPRINGFIELD, Ill. (AP) - Illinois lawmakers have overridden Gov. Pat Quinn's veto of legislation that addresses so-called Smart Grid technology.
The Illinois House voted Wednesday to again approve the legislation, a day after the Senate approved it for a second time. Quinn vetoed it May 6, saying the proposal weakened oversight and forced automatic rate hikes.
ComEd and Ameren pushed the bill to clarify legislation allowing the utilities to raise rates to fund the high-tech system. But the Illinois Commerce Commission and both utilities disagreed over implementation. ComEd filed an appeal over technical matters and faces a lawsuit over installation delays.
ComEd says with the new law the average residential customer will pay 40 cents more a month starting in 2014 and 80 cents more in 2017.
SPRINGFIELD, Ill. (AP) - The Illinois Senate has again approved a plan to address so-called Smart Grid technology over the objection of Gov. Pat Quinn.
Senators voted 44-11 Tuesday to override Quinn's veto earlier this month. Quinn claimed the bill undermined oversight and would force automatic rate hikes.
Senate President John Cullerton disputed those claims. A three-fifths majority was needed. It now heads to the House.
ComEd pushed the bill as a way to clarify 2011 legislation allowing utilities to raise rates to fund a high-tech system. But executing it has been tricky.
The Illinois Commerce Commission and ComEd disagreed over implementation. ComEd filed a court appeal over technical matters and faces a class-action lawsuit over installation delays.
The proposal clarifies some of those issues and hastens installation.