The bill vetoed Thursday would have ended loan renewals and capped fees and interest rates at 35 percent.
Supporters said the bill would provide greater protections to consumers.
But Nixon said it still would have allowed unreasonable interest rates and that people still could have been offered multiple loans by multiple lenders at the same time. He said the bill "appears to be part of a coordinated effort by the payday loan industry to avoid more meaningful reform."
Payday loan bill is SB694.
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