HB459 sponsored by Rep. Jim
Dunnigan, R-Taylorsville, would void the loans and ban collecting any principal
or interest on the loan of any payday lender not properly registered with the
state of Utah. It also requires payday lenders to begin reporting to the
state the average annual interest rate charged for loans, how many borrowers
choose to exercise a right to rescind loans within 24 hours and how many
complaints are filed against lenders who are registered and those who are not. It passed the House on Friday with 60-11 vote
with 4 absent or not voting.
" Payday loans in Utah often charge around 520 percent on an
annual basis, or $20 for every $100 loaned for two weeks. Reports last year
show some charged up to 2,294 percent annual interest — or $50 on a $100
loan for two weeks." Lee Davidson Salt Lake Tribune
P. Arent, J Briscoe, R.
Chavez-Houck, B. Daw, B. Doughty, L. Hemingway, B. King, C. Moss, M. Poulson,
J. Seelig, M. Wheatley, all voted against the bill and D. Butterfield, Janice
Fisher, Rebecca Lockhart, and P. Ray did not vote. HB459 votes in House
The bill was sent to the senate on Friday February 24, 2012.
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