The Missouri state Legislature has been considering two different bills designed to regulate Missouri Payday Loans lenders operating in the state.

Representatives Mary Still (D-Columbia) and Ellen Brandom (R-Sikeston) have introduced measures that would implement changes to the way in which Missouri payday lenders can run their business.

Recent hearings on the proposals resulted in heated debate from supporters and opponents of the bills, but the measures failed to pass through the Legislature this year.

Opponents of the Still bill, HB 1508, are arguing her measure will essentially put Missouri Payday Lenders out of business. The measure would cap the allowable interest rate at 36 percent, plus a five percent fee on top of the interest rate. One legislator opposing the bill is Representative Don Wells, who used to own a cash advance store, but sold it a year ago.

Brandam's bill would reduce the maximum allowed APR by almost 25 percent from the current allowable rate. It would also limit the amount of payday loans renewals a customer can obtain to three, instead of six.

Both lawmakers say they plan to continue to pursue the matter in the future.