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Utah House debates payday-lending bill that would allow partial payments and a 24-hour rescission
Summary
Lawmakers debated HB 166, a sponsor-backed bill that would require payday lenders to accept partial payments, allow borrowers a one-business-day rescission, prohibit criminal-collection threats, and codify annual examinations by the Department of Financial Institutions. Sponsors urged action after citing APRs above 500%.
Representative Ty McCartney presented House Bill 166 on the House floor, saying the bill codifies common business practices while adding consumer protections for deferred-deposit (payday) loans. McCartney listed four principal provisions: allow partial payments without extra charges; permit a borrower to rescind the loan by returning the deferred-deposit amount by 5 p.m. the next business day; bar check-cashers from threatening or using criminal process to collect such loans; and require annual premises…
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