Payday Lender HB 459 takes away requirement to report the number of loans Not Paid Off in 10 weeks

HB459 also requires Payday Lenders to register with the state if they want to collect interest and principal on their loans. Evidently, the Payday Lenders that don’t register with the state of Utah also DON’T contribute to the Legislators.  The Senate voted 24-0 for HB459, by Rep. Jim Dunnigan, R-Taylorsville, Senator Curt Bramble is the senate sponsor, and sent it to Gov. Gary Herbert for his signature, because the House already passed it.  Madsen, Morgan, Niederhauser, H Stephenson, and Urquhart did NOT vote for HB 459.

HB 459  modifies the Check Cashing and Deferred Deposit Lending Registration Act to address reporting requirements and the requirement to register.  If the lenders are NOT registered they cannot collect any principal or interest.  HB 459 removes a current requirement that they report how many loans are not paid off before they reach their legal extension limit of 10 weeks. Utah small-claims court records show that payday lenders sue an average of 11,600 loan defaulters a year.

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

The following Payday Lender corporations and PACs donated AT LEAST $113,960.00 to Utah elected officials between 2008 and 2011.  Note this does not include 2012 donations.

Utah Consumer Lending Association                                     2009             $31,000.00

Utah Consumer Lending Association                                     2008             $49,150.00

Cash America International, Inc. Fort Worth Tx                    2011                  7,500.00

Cash America International Ft. Worth Tx                              2008                $7,250.00

Check Into Cash Cleveland TN                                              2008                $7,700.00

Cottonwood Financial Ltd.  Irving  Texas                              2008             $10,000.00

Checksmart Financial Company  Dublin OH                         2011                $1,360.00

                                                                                                     Total       $113,960.00

The following breakdown shows how hard it is to trace who has the money:

Utah Consumer Lending 2009 Expenditures Breakdown

Utah Republican Party  3/5/2009                                                                $6,500.00

Utah Republican Party   12/24/2009                                                            $5,000.00

Republican House Caucus  3/25/09                                                              $2,500.00

Salt Lake County Republican Party 3/25/09                                               $5,000.00

Utah House Republican Party 4/1/09                                                           $4,000.00

House Democrats 5/21/09                                                                               $500.00

Friends of Gary Herbert 11/9/2009                                                           $10,000.00

Note Utah Consumer Lending Association only filed reports in 2008 and 2009.  What PAC had this money in 2010 and 2011?