State prohibits on-site nursing home payday loan operations

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Missouri has informed nursing home operators they no longer will be able to operate on-site payday loan operations that lend money to employees.

About 60 nursing homes around the state currently operate payday loan operations in their facilities, according to a release from Gov. Matt Blunt (R).

Payday loans typically charge "exorbitant" amounts in interest to lenders, he said. Employers should not profit from the wages of "hardworking long-term employees," he said.
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