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Compromise payday loan bill advances

Here are the facts. Each year the payday advance industry in Utah receives less than 30 complaints registred with the Department of Financial Institutions. A number to that Department is posted in every location.

Bell stated those who had lawsuits filed against them were compliants? It seems like those would be the least likely to complain, afterall they took out loans and didn't have to pay them back.

If the self-appointed consumer advocates believe "It's an industry sympathetic bill. It's essentially useless." then Mayne's Bill should be off the table as well. It is they who pushed for the collection of information in the first place.

Both Democratic and Republican legislators saw that these loans are issued by private company with their own money and that these companies didn't need to jump through more "hoops."

I can tell by the tone of this and other biased articles that Lee Davidson is ticked off because the state won't spoon feed him information about the payday loan industry.

521% interest is abuse in my book. Of course, who in their right mind would apply for a loan with that kind of interest rate?

What we need is laws to shut down these loan sharks. They are worse than street type loan sharks because they can get the courts and law enforcement to act as their enforcers to collect these absurd debts the consumers get tricked in to. There is no such thing as disclocure of any kind by these companies. Complaints by consumers does not exist because no one will listen to the consumers complaints. The BBB and the consumer afairs departments won't take complaints because they are operating in the limits of the law allowing loan sharks to operate. How can this legislature be so blind to the truth and what these companies are doing to consumers?

It looks like the payday loan industry is reaping great benefits from the hundreds (thousands?) of dollars they pour into legislators campaign funds. Now the legislators can get more free dry cleaning and Jazz tickets while the poor are ripped off.

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

What these people don't know is that if this bill is passed and changes are made to these stores that it will put the stores out of business and a lot of people will lose their jobs.

I've also read a lot about people saying that these stores target the poor and take advantage of the poor. NOT TRUE! There are accountants, nurses and even preachers who go into these stores and borrow money when they get in a bind. These stores are very useful to people at times.

I think that the people should get to vote on this also instead of letting a few people in the legislature decide. I don't think it's right for the government to tell the people how to spend their money. That's like taking away a person's rights.

I just pray that the people who do decide on this bill will have enough heart to realize how it will affect the workers in these stores and the customers who go into these stores in times of need.

If you don't like the fees charged by payday lenders then maybe you should open your wallet and offer unsecure credit to people you don't know for some amount less than what these guys charge. No one is preventing the market from creating a solution to the issue.

One problem I see with increased regulation is, 1) increase cost to consumers and 2) deceased amount of credit avaliable to consumers. How will that help consumers who will be forced to pay more? Let the customer and lender dictate the terms of their loan. In most instances the market generates the best solution.

I don't understand the need to rewrite the laws in place for lending institutions because of payday lenders. The combination of democratic rule of law and free markets has made our economy what it is. Enforce the laws in place already before getting creative with new legislation.