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Senate backs bill to regulate check‑cashing and payday lenders, bans mobile units and limits rollovers
Utah State Senate · February 23, 1999
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Summary
Senate Bill 57 would register check‑cashing/payday businesses with the Department of Financial Institutions, require visible signage of rates and complaint numbers, outlaw mobile cashing units and cap loan rollover at 12 weeks; the bill advanced to third reading with unanimous support (21‑0, 8 absent).
Senator Maine presented Senate Bill 57, a bipartisan effort to regulate check‑cashing and payday‑loan establishments, citing complaints from seniors and advocacy groups and examples of extremely high effective interest rates. "Senate Bill 57 for the first time puts…
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