Utah rep proposes bill to prevent lenders that are payday using bail funds from borrowers
For many years, Utah has provided a good regulatory environment for high-interest lenders.
This informative article initially appeared on ProPublica.
A Utah lawmaker has proposed a bill to quit lenders that are high-interest seizing bail cash from borrowers that don't repay their loans. The bill, introduced within the state's House of Representatives this came in response to a ProPublica investigation in December week. This article revealed that payday loan providers along with other loan that is high-interest regularly sue borrowers in Utah's tiny claims courts and just take the bail cash of these who're arrested, and quite often jailed, for lacking a hearing. (more…)