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Out-of-State Bankers Think They Will Fool The Show-Me State's Voters With Two Bunk Initiatives

For those new to the issue:

Missourians for Responsible Lending is a real deal grassroots campaign to reform the Payday Loan Industry and limit the APR to 36%, down from the current 1900%.

The out-of-state bankers and lawyers that make up corporate opposition groups Missourians for Equal Credit Opportunity and Stand Up Missouri have been bringing out all the stops as they realize they're about to be reined in.

The most recent bit of trickery the loan sharks have practiced is writing up two new ballot initiatives themselves, that also "reform" Payday Loans. Here's exerpts from the St. Louis Beacon's article.


The aim [of the two recently filed ballot initiatives], says state Rep. Mary Still, D-Columbia, is to confuse voters about the critics' rival initiative petition drive for a proposed change in state law that would restrict payday loans to annual interest rates of no more than 36 percent.

One of the new petitions would limit interest rates to 360 percent a year. The other would restrict interest rates to 13.99 percent "unless the parties agree otherwise in writing."..."These are desperate and deceptive tactics by the industry,'' said Still. "They are trying to trick voters. They know they are going to lose."

Emphasis added.

Who filed these new petitions whose only purpose will be to confuse voters? 

One Jewell Patek, a Jefferson City lobbyist and former Sam Graves staffer who just happens to have a record of working alongside Jeff Roe, the GOP consultant driving the payday lenders' desperate campaign to protect their immoral interest rates.  For a little background on the Patek/Roe M.O., check out this classic Pitch piece, Goon Squad. 




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