Lawmakers want restrictions, ban on lawsuit financing companies

Intro:	Three Missouri lawmakers want the state to start regulating a popular type of loan.
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Wrap: A Missouri House committee heard testimony Monday afternoon centered around three bills dealing with legal lenders, or businesses that offer loans to help cover living expenses during court cases.

Representative Don Gosen is the sponsor of one of the bills.

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Description: "One of the Illinois newspapers across the river they called it a sharknado coming in legislatures across the country this year."

Similiar legislation was proposed in both the House and Senate last year.

Those bills did not make it out of committee.

Reporting from the state Capitol in Jefferson City, I'm Matt Kalish, NewsRadio 1120, KMOX.

Intro:	A popular loan for low income Missourians could be getting some added regulations.
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Wrap: Three Missouri state lawmakers testified during a House Banking committee on legislation requiring buisnesses who issue civil litigation loans to register with the state.

Lobbyist Eric Schueller testified in favor of the bill and clarified what he called a major misconception about quote, "legal loans"

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Description: They're using the funds to make sure they can get to work. They're using the funds to make sure they have a roof of their head, they're not using this to fund litigation.

Represenative Tony Dugger, who sponsored one of the bills, said all three bills are designed to protect consumers.

Major difference between the three include a caps on interest rates and stricter regulations on the lenders.

The committee did not vote on the three bills.

Reporting from the state Capitol in Jefferson City, I'm Matt Kalish, NewsRadio 1120, KMOX.

Intro:	One type of loan could see additional regulations under new legislation.
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Wrap: Three Missouri lawmakers want to put regulations on what some call legal loans, or loans issued to help keep people afloat during lawsuits.

Missouri currently does not regulate these lenders.

However lobbyist Eric Schueller, who lobbies on behalf of the lenders, testified in favor of one of the bills during a Monday hearing of the House Banking Committee.

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Description: We have been operating here not a problem. If nothing happens, we'll still be operating here with no problems and no issues.

All three bills require lenders to register with the state but differ when it comes to certain penalties and caps on interest rates.

Reporting form the state capitol in Jefferson City, I'm Matt Kalish, NewsRadio 1120, KMOX.