Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Consumer Finance topic
No spam. Unsubscribe anytime.
House passes bill clarifying financial regulator powers, authorizing school financial-education curriculum
Summary
The Utah House approved HB 194 to clarify the Department of Financial Institutions' authority to pursue administrative, judicial or civil action for unconscionability, usury and fraud and to authorize a coordinated financial-education curriculum for K–12 and higher education; the bill was referred to the Senate after receiving 69 yes votes.
The Utah House passed House Bill 194 on the fifth day of the 1999 legislative session to sharpen the Department of Financial Institutions’ enforcement authority and to authorize development of a consumer financial-education curriculum.
Representative Hofer, who presented the bill, said it “does 2 things.” He explained the first is to ‘‘clarify the Department of Financial Institutions’ duties and authority to do administrative or judicial or civil action relative to unconscionability, usury, and fraud.’’ The second would authorize the department, in cooperation with the State Office of Education and financial industry stakeholders, to develop curriculum materials that could be used as part of K–12 instruction or in colleges and by public or private providers.
The bill, described by Hofer as a coordination effort developed with the Department of Financial Institutions, the State Office of Education, industrial loan corporations, banks and credit unions, also requires the department to report back to the interim committee on the program’s progress every other year. Representative Hofer told members the bill emerged from the Business, Labor and Community Development interim committee after review of consumer protection and financial education issues.
Voting was opened and closed on the floor; the reading clerk announced HB 194 as "having received 69 yes," and the Speaker said the bill passes the House and will be referred to the Senate for further action.
The bill now moves to the Senate, where it will receive further consideration under that chamber’s procedures.
