Missouri Attorney General and Democratic candidate for governor Jay Nixon responds to Gov. Matt Blunt’s announcement that he will not seek re-election.

Attorney General and gubernatorial candidate Jay Nixon will be in north St. Louis this morning calling for stronger legislation against the payday loan industry.

Nixon says Missouri has some of the most lenient payday loan laws in the nation. Because of Missouri’s lax laws, some loan recipients could end up being charged as much as 1,950% APR (with an average of 422%). According to the most recent report by the Division of Finance, nearly 3 million payday loans were issued last year and the number of new loan licenses issued to lenders has increased by 69% since 2003.

The result of these lenient laws: Missourian families paid $317 million in fees and interest in 2005 alone, second in actual dollars only to the state of California.

Nixon’s press conference will be held in vacant lot directly across the street from Payday Loan Center, 1315 N. Kingshighway, at 10:30 AM.

Check back later for video.