Attorney General Jay Nixon is calling for a reform of the laws regulating the payday loan industry. The call comes on the heels of a report showing payday loan businesses in Missouri charged an average annual percentage rate of 408 percent. The report was issued by the State Division of Finance, which showed the number of loans is on the rise in this state – approximately 2.6-Million loans for the one-year period that ended September 30th of 2004 – an increase of 30-percent. Missourians borrowed more than $626.6-Million from payday lenders in the one year period.
