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House debates financial deregulation bill that would lift certain caps for depository institutions
Summary
Lawmakers debated a first-substitute to Senate Bill 113 that would deregulate caps on NSF and delinquency charges for depository institutions with borrower consent; critics warned of consumer harms while proponents argued for competitiveness and economic development. The House substituted the bill and later circled it for further work.
On March 3 the House considered a major financial-services measure, first substitute Senate Bill 113, that would remove statutory caps on certain fees (bounced-check and delinquency charges) for depository institutions if the borrower consents. Supporters framed the package as a pro‑competitive deregulation that helps Utah retain and attract financial firms; Representative Gladwell said the change allows institutions and borrowers to agree to…
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