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House limits payday loan rollovers, bars workplace collection and creates one-time extended payment option
Summary
House passed HB15 on Jan. 26, 2010, tightening payday-lending rules by capping loan rollovers at 10 weeks, prohibiting employer-based collection when the employee or employer asks, requiring lenders to offer a one-time extended payment plan per lender per year, and changing reporting on average loan terms. The bill passed 65–8 and was sent to the Senate.
The Utah House approved legislation on Jan. 26 to restrict common payday-lending practices and add consumer protections.
Representative James Dunnigan, sponsor of House Bill 15, said the bill would limit the total life of a payday loan to 10 weeks, ending the practice of continuing rollovers that in current law could run to 12 weeks. "So 1 thing this legislation does is limit these loans to 10 weeks," the sponsor said, adding that…
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