H.B. 113
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7 LONG TITLE
8 General Description:
9 This bill modifies the Check Cashing and Deferred Deposit Lending Registration Act to
10 address when a person is ineligible to obtain a deferred deposit loan and to provide for
11 the creation of a database.
Daw's bill would set up a new state data base of people in default on a payday loan, and then once they are on the data base no other payday loan company in Utah could give them another loan.
Payday lenders have high interest rates and some borrowers go to another payday loan company to get the money to pay off their first payday loan.
HB 113
HB 113 text
HB 113 status
Salt Lake Tribune
1 comment:
How does Rep. Daw's big brother database square with his purported "limited government" philosophy?
Regardless of the rates charged by these lenders, consumers and those wanting to lend should be able to set an agreed upon price and abide by their contract. With the exception of ensuring the contract fully discloses the terms, government(federal or STATE) should have little to no say in it.
Latest evidence that Daw is another RINO.
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