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After hours of debate, House passes SB 113 on financial services; amendments to cap fees fail
Summary
First substitute Senate Bill 113 (financial services amendments) passed the House 43-27 on March 3, 1999 after extended debate over deregulation of late charges and return-check fees; proposed amendments to cap fees failed and floor speakers warned of consumer impact and job risks.
The Utah House passed first substitute Senate Bill 113, a set of financial-services amendments largely affecting industrial loan corporations and related fees, after an extended and often contentious floor debate on March 3.
Representatives on both sides argued the bill's likely effects. Representative Hogue, urging defeat of amendments that would gut the bill, framed the debate around consumer protection and local jobs: "What we're being asked to do is to remove some institutions from state regulation... I don't have any doubt... they can adapt." He warned that…
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