Missouri Nursing Home Payday Loans Under Scrutiny
Three nursing home groups in Missouri regularly make payday loans to their employees at high interest rates which are repaid through payroll deduction. Members of these groups, headquartered in Sikeston, Missouri, include the following: James and Judy Lincoln, Mathias Dasal, Gary Crane, Timothy Drake, and Don Bedell. These individuals operate a combined total of 92 nursing home facilities.
Missouri legislators have become increasingly intolerant of predatory lending in Missouri nursing homes and have introduced House Bill Number 1509 which, if passed, will make it illegal for nursing home payday lenders "to facilitate, encourage, solicit, advertise, or provide unsecured loans of $500 or less on the premises of any nursing home property or any residential care facility, assisted living facility, intermediate care facility, or skilled nursing facility.
House Bill 1509 was sponsored by Mary Still (D-Boone) and co-sponsored by John Burnett (D-Kansas City).
House Bill 1509 is not yet law and faces several hurdles before it reaches the governor's desk.
