Comments about ‘Bill to cap payday loan rates dies’

Dear Michael Morley: I am willing to loan you large amounts of money at 700 percent annual interest. We'll call it a fee. It'll be fun. It's good enough for poor people so it ought to be good enough for you.

Close them all down. They are nothing more than scammers, scamming, scammers. Greed feasting off from the destitute. Business crooks taking advantage off the down and out, and proping up theives with a market to unload their decietful lifestyles. Just go in a few of these pawn shops and listen to their dealings with the public and study the mannerism of these people and quite frankly they are not much different from the liars, cheaters and theives that brought items in for sale.

No protection of family values in the republican controlled legislature. Families are under attack by predatory lenders, not by those seeking equal rights.

Utah's laws on payday loans are shameful. It is darwinian economics at its worst, justified in the name of free markets. We have all seen what happens in free, unregulated (or regulated but without enforcement) markets when they are filled with greedy slimebags; Greed drives these people to take advantage of others, and the poor and uneducated suffer the worst.

Join the 21st century Utah lawmakers. These payday loan shops should be put out of business permanently. The job losses would be a blessing, even in this economy.

Americans are taking out high percentage loans, so we can afford to live. Mr. Morley has no idea! He, along with a lot of other state representatives have no clue, and the sad part is - they don't want one!

of course they have no interest because they have a deep conflict of interest since at least one of the biggest owners of payday loan companies is a legislator.

I would never take out one of these loans, but apparently they do serve a temporary useful purpose for some people in a pinch. While I dont feel comfortable with the high rates, this should be a private business decision. I also dont feel comfortable with the exorbitant salaries of pro basketball players, but that doesnt mean that I want a law to limit those salaries. Again, it is a private business decision. The committee was right to kill this bill.

arizona just passed a ballot referendum, maybe utah should do the same

Morley and Gibson are getting their pockets lined by these lenders. No wonder they support them. Just ask the attorney general where his campaign money comes from.

Business as usual for these Republicants. What will the people that support them do when they realize that they have been fooled?

The impostors will appear as a good and wholesome people...

No one holds a gun to the head of the person getting a loan. If the terms of that loan are accurately described in writting prior to the person signing for it, and the person still chooses to get it, then what right does the government have to restrict that? In other words, if I want to repay a loan at a 10,000% interest rate and someone is willing to offer me a loan at that rate, then the government has no right to prevent me from making an idiotic decision. The government should step in if, and only if, the terms of the loan were not accurately described in the loan document provided to me prior to me signing it.

Obviously, check loans are a scam, but if I am told ahead of time that it is a scam, and I still choose to sign on the dotted line, then no crime has taken place. I should have to live with the consequences of my bad decisions. Perhaps that will result in me next time being wiser about how I seek short-term liquidity.

I love how the leftists (Peterson, Hilton, Black and Davidson) can cite ambiguous studies and they are shown as "factual" in the article. However, the facts give the use of payday loans cited by the legislators and the lenders are not quite true.

Fact, payday loans are often cheaper than bounced check and overdraft fees. Fact, overdraft fee and bounced check fees are charged 20 times more often than payday loan fees. Fact, the state of Utah already regulates payday lending. Fact an interest rate cap in Utah would lead to layoffs not only by payday lenders but other large employers in the state (wells Fargo, American Express)

Fact: Socialist and leftists don't like facts.

The laissez faire (no governmental interference in the market place) policy of conservative Republicans permitted onerous business corporate monopolies to make huge profits in the latter part of the eighteenth century and into the nineteenth century on the backs of Americans. Corporate greed and unchecked business practices have led America to the brink of economic chaos and destruction. Payday loans are one example of greed and predatory business practicing catering to the fear and hopelessness of the Americans who are near desparate in their economic poverty. Such living conditions are ripe for emotional stress, mental disorted thinking. Darwinian belief in the survival of the fittest will only lead to a descent into instinctive fighting each other. It is the role of American government to protect the public when the public has no time nor energy nor money to make sound decisions while having to most of their effort in just surviving and living. Business and government are interdependent and need each other to survive in the long run. American corporate greed has been too focused on profit, power, short-term gains at the expense of the longer-term sustainability, viability.

Did you know the average salary for a payday loan customer is $45,000.00! They don't prey on the poor or ignorant. These people are making their own financial decisions and are intelligent and have "money problems", which are no one else's business. If we want more government intrusion and to start regulating every aspect of finances for citizens I vote Credit Cards can NO LONGER buy booze or cigarettes! Let's see how fast citizens complain then the government should not intrude or regulate personal financial decisions. Again, personal financial decisions are just that, personal. I don't want the government telling me how to spend my money and if I have tons of bills b/c of my spending then it is my own FAULT. Take responsibility people.

Can anyone tell my why the cap should be 100 percent? Is it because it's a nice, even sounding number? How about 123.45 percent to make it more fun? The audacity of some legislators who think they can tell entire businesses what their profits should be and then sit around and complain about all of the lobbyists at the capitol is astounding. If I knew that you were going to arbitrarily decide how much I should charge for my services, I'd be hiring expensive lawyers, too.

Government needs to get out of the business of business and then business will get out of the business of government.

It's pretty clear why Utah's lawmakers, time and time again, kill any and all legislation to get these predatory lenders reigned in: the predatory lenders pay them to.

It's outrageous and shameful, immoral and corrupt greed through and through. The fact that these lawmakers are receiving large sums of money from these people and then conveniently legislate in their favor ought to land them in jail!

Here is you answer why it failed.

the payday loan industry gave at least $91,000 to state candidates and parties last year including giving directly to about one of every four legislators who stood for election.

Sounds like the socialists from the Crossroads Urban Center have hit the public access computers at the downtown library and commenting about this and any other issue that doesn't provide free handout for people.

Yeah, line about the legislator being a payday lender is completely false. There was a state senator four years ago who served one term who owned a few stores. Your little shtick about money and politics is getting OLD!

Re: WHY 100% CAP: Wow. Very well said. I agree.