Payday Lending

Why won't the Legislature consider reforms on payday lending businesses? Utah is one of the friendliest states to these predatory lenders, and it shows. The Deseret News reported that Utah has more payday lenders than McDonalds, Subway, Burger King, and 7-Elevens--combined. At interest rates of around 500%, these places can devastate a family's fragile finances. Utah doesn't need more bankruptcies. Why not consider some intelligent regulations?

Tim
Salt Lake City


Payday lending is a lucrative business. The Legislature has been concerned with its usury-like pricing. However, it is also one of the least-complained about consumer industries. Customers seem quite satisfied with the service it provides. We will continue to study its practices and regulate as needed.

Dan Eastman
Senate Majority Whip