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As people of faith iepiesenting hunuieus of thousanus of signeis of the initiative petition to cap
inteiest iates on pieuatoiy payuay loans, we stanu opposeu to SB 694. Fiom the Toiah to the
Chiistian uospel to Catholic Social Teaching, the teachings of oui ieligious tiauitions aie cleai: 5+ *1
*66#3)% +# 7,)30" +3*$%" 8*0*+ *.+"3"1+ #. 7#.126"3 %#).1.

SB 694 loosens Nissouii's alieauy loose payuay loan laws, anu it is being uone unuei the guise of
consumei piotections that aie just smoke anu miiiois. SB 694 will still allow the financially
uestiuctive cycle of uebt causeu by payuay lenueis' Suu% APR payuay loans, anu it will iemove the
piovisions that attempt to limit the amount of fees that can be chaigeu with each iefinancing of a
payuay loan. While these limits have not been effective at stopping the uebt tiap as eviuenceu by the
payuay loan uevastation in oui communities, the bill's pioposeu piovisions aien't meaningful eithei.

Beie is why SB 694's othei piovisions allow the uevastating loan tiap to continue in Nissouii:
Rollovei bans as pioposeu in SB 694 uo not stop the uebt tiap. Rollovei bans uo not stop the
piactice of back-to-back tiansactions in which a payuay boiiowei takes a new loan shoitly
aftei paying off the olu loan. In states with iollovei bans, the typical payuay boiiowei is stuck
in 9 loans a yeai anu ovei 76% of payuay loan ievenue is geneiateu by chuining boiioweis
eveiy two weeks.
Extenueu payment plans as pioposeu in SB 694 uo not stop the uebt tiap. Payuay lenueis
have an economic incentive to not wiuely use the Extenueu payment plan because theii
business mouel uepenus on having boiioweis ietuin eveiy two weeks. States with similai
EPPs have shown they aie iaiely useu, with less than S% of eligible tiansactions evei being
put into an Extenueu Payment Plan.
SB 694 claims to pioviue piotections foi inteinet lenuing. Bowevei, this bill is not necessaiy
foi this puipose. Nissouii law alieauy applies to loans maue ovei the inteinet. Foi example,
Attoiney ueneial Kostei has alieauy taken enfoicement actions against online lenueis anu
some of the most peivasive stoiefiont lenueis in Nissouii, such as Auvance Ameiica anu Cash
Ameiica, aie alieauy licenseu to anu uo make loans ovei the inteinet to Nissouiians. The
pioblem with Nissouii law is that it couifies the uebt tiap, which is uangeious iegaiuless if
loans aie maue at a stoiefiont oi online.

Foi these ieasons, uo not be fooleu by SB 694. It is N0T ieal iefoim. The only way to stop the uebt
tiap is a S6% iate cap, just like what Congiess put in place foi the militaiy anu what thousanus of
Nissouiians voteis suppoit as the solution to this pioblem.