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Hill wants limits on payday loans
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Changing anything with payday lenders would have to be done in the legislature. Last time I checked, the AG enforces the laws, not writes them.
Andrew McCullough
Libertarian for AG
Does she really think she can make up 39 pts in 4 days?
Not only that but she is contradicting herself again. She previously said in radio interview that she wanted to cap interest at 100%.
That didn't stick so now she's going to try again only lower at 36%.
And if that doesn't work, On Saturday she's going to force all payday lenders to make loans interest free.
And if that doesn't make up the deficit in the polls she's going to promise everyone free money at payday lending stores on Monday.
Surely promising free money to everyone ala Obama can win it for her.
What is your solution if you're so smart? Send them to their bank and have them bounce checks? Did you know banks fees on bounced checks when caclucated as an interest rate is higher than 500% interest? Banks are just as bad if not WORSE than Payday lending companies. Why do you think people go to Payday Lending companies?????? Free market. They have no where else to go. Bank won't help them and they are even worse. No one is forcing a gun to these peoples heads and asking them to borrower money. They make the choice. Cap the rate to 36% or 100% and they all go out of business. If that makes you feel better great. But then the banks will then make all the money and we as consumers have less choices.
With all the charges that exceed an APR of 36% all of these institution assess, industrial banks and credit card providers would pack up and leave the state for Nevada, South Dakota, or Delaware.
Is Hill really ready to lose the state thousands of jobs because she thinks she's got Shurtleff on the payday issue? Not too smart Jean.
Anyone who has educated themselves on the already strict payday lending laws in Utah knows that they can only charge interest for 12 weeks.... and according to several studies the average customer pays their loan in 14 days.... NOT 365 days. An APR of 500% does not show literally what a person would pay for a payday loan since the borrower CANNOT have the loan out for an entire year!!!!
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If she wants to pass a new law, then she should run for the legislature.
If she doesn't even understand the duties of the office, why is she running for it?