Our first week back from mid-session break has been filled with debate and action on legislation moving through the Senate. There are only seven weeks left for this session, and much work still needs to be done.

I am pleased to report that Senate Bill 694, a measure I sponsored, was heard by the House Financial Institutions Committee this week and it is expected to be passed out of the committee next week.  Senate Bill 694 would modify many aspects of the payday lending law and completely change the industry in our state. This measure would end consumers’ abilities to renew their loan or ask for an extension. EPPs (Extended Pay Plans) will be allowed to help pay off loans. Under the EPP, borrowers have up to 120 days to pay off their loan. The payment plans are based on the consumers’ pay periods and no interest or fees are charged during the EPP. There will be no early payment penalties, but the lender does have right of acceleration upon failure to pay. Only one EPP is allowed each year.

Under Senate Bill 694, payday lending businesses would have to pay $500 for yearly fees, up from $300. Fees would be payable to the Missouri Division of Finance. The measure also states that signage must be posted in the lobby of such business that display the cost to borrow the money, per $100 borrowed. If we can provide the best information to consumers in a way that they can understand it, then we are already helping them make better financial decisions. It is important for consumers to be protected and Senate Bill 694 will help do that.  The bill received strong support from the Silver Haired Legislature.

Honoring Lawmakers
On April 14, 2014, the 97th General Assembly will host a Memorial Service for the distinguished former senators who have passed away since May 1987. It will be the first time in nearly 30 years an event like this has been held. Together, with the families of the former senators, we will celebrate the lawmakers’ lives and legacies and remember their dedicated service.

This event serves to honor not only those men and women who served in the upper chamber, but also their family members who gave their love and support to make their relatives’ time in Jefferson City possible.

From our area, we will be honoring two former members:

Danny Staples
1935 – 2003
20th Senate District (1983-2002)
Danny Staples served the people of the 20th District (Carter, Iron, Oregon, Reynolds, Ripley, Ste. Genevieve, St. Francois, Shannon and part of Jefferson counties).  Senator Staples operated a canoe business on the Jack’s Fork River. He was elected to the House of Representatives and served from 1977-1982. Senator Staples was elected to the Senate in 1982. (Democrat)

Larry Gene Taylor
1953 – 2005
29th Senate District (2005)
Larry Gene Taylor served the people of the 29th District (Barry, Lawrence, McDonald, Ozark, Stone and Taney counties).  Senator Taylor was owner and operator of Gene Taylor Ford and Sales, and was an automobile and boat wholesaler. He was also director of public affairs for the state treasurer. Senator Taylor was elected to the House of Representatives in 2002; and elected to the Senate in 2004. (Republican)

To read more about each senator who will be remembered, visit the Senate Memorial page at www.senate.mo.gov and click on the Senate Memorial link.

If you are a relative who would like to attend, please contact the Secretary of the Senate, Terry Spieler [tspieler@senate.mo.gov; (573)-751-3766)], for more information.

Capitol Visitors
It was a busy week in my office and we had numerous visitors including:  representatives of the Missouri Grocer’s Association; representatives of the Multiple Sclerosis Society; members of the Missouri Canoe and Floaters Association; members of the Securities Industry; Missouri Rice Growers; Missouri Transportation Construction Coalition; and Leading Age Missouri, Continuum of Senior Care. Other visitors included Dr. Cliff Smart, president, Missouri State University; Snow Popis, Missouri State University student; Erica Kinder and Andrew Painter, American Cancer Society; and John Schaefer and Sally Hargis, Missouri Beverage Association.