From Deseret News archives:

Compromise payday loan bill advances

Published: Saturday, Feb. 16, 2008 12:09 a.m. MST
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Bell also complained about Walker's assertion that the industry has virtually no complaints, noting that the Deseret Morning News found earlier this month that payday lenders sued nearly 27,000 Utahns for default since 2005 — and that 51 percent of all small claims suits along the Wasatch Front come from payday lenders.

He said the industry asserts, "No complaints. No abuse, and no data to show abuse. Here is a bill to get the data" to show whether abuse exists, Bell said. "Some I have heard say this is the worst, slimiest industry, others say it helps the poor. Who knows what is true" without more data?

Mayne, however, said while her bill would collect less data, she said it is what regulators said it the most valuable — and is all that could likely pass. "It's not what everyone wants," she said. "It is a step forward."

The payday lenders' success Friday comes after it donated $30,200 combined to 37 legislators last year (a non-election year). That was more than banks or credit unions donated that year.


E-mail: lee@desnews.com

Recent comments

I don't understand the need to rewrite the laws in place for lending...

crispychicken | Feb. 20, 2008 at 10:54 p.m.

If you don't like the fees charged by payday lenders then maybe you...

Beat Them! | Feb. 17, 2008 at 3:11 a.m.

I think that this bill should be killed and thrown out and not even...

Sheri | Feb. 16, 2008 at 10:55 a.m.

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