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House passes bill banning commercial tax-lien loan companies, citing predatory practices
Summary
House Bill 123 passed unanimously March 5, 2014. The one-page bill prohibits commercial tax-lien loan companies from operating in Utah after sponsors described how such companies target vulnerable homeowners.
The Utah House unanimously approved House Bill 123 on March 5, 2014, a measure that would prohibit commercial tax-lien loan companies from doing business in Utah.
Representative Wheatley, the sponsor, described the business model in which companies offer loans to homeowners who are delinquent on property taxes, charge upfront fees and penalties, and can end up acquiring the home through lien position if borrowers default. Wheatley said companies often target seniors and people with cognitive disabilities and described examples from other states where the practice led to foreclosure and loss of long-held family property.
Floor discussion was minimal; the sponsor waived summation and the House recorded 73 yes votes and no recorded no votes. The bill will be transmitted to the Senate for consideration.
Vote at a glance: House Bill 123 — 73 yes, 0 no; outcome: passed.
