Gov. Bob Holden wants tighter restrictions on payday loan lenders. The governor said at a news conference on Monday that he thinks “too many Missourians are being preyed upon by payday lenders that use complicated fees.”

State law defines payday loans as unsecured loans of $500 or less. A payday loan lender can charge up to 75 percent of the principal of the loan. The governor wants to limit the maximum charge to 15 percent.

From: http://www.ky3.com/newsdetailed.asp?id=5950