Consumers tired of high interest rates won't be seeing any relief from the 1989 Legislature.
The House Monday voted 8-56 to kill a bill that would have limited to 15 percent the interest rate that could be charged on unpaid balances. The bill would have applied to credit card companies in particular, as well as hospitals, department stores and virtually any other business that extends credit."This is absolutely an anti-small business bill," said Rep. Haze Hunter, R-Cedar City. Other representatives compared the bill to communism and said it would destroy Utah's economy.
Supporters of the bill knew the measure would not pass, but succeeded in getting floor time to lambaste banks and other businesses who extend credit to individuals who have no right to receive credit.
"We have an obligation to offer credit to people who are not at risk of bankruptcy," said Rep. Joe Hull, D-Hooper.