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Senate Holds Extended Debate on Financial Services Bill That Would Alter Prepayment Rules for Some Second Mortgages
Summary
Senate Bill 113 drew extended floor questions about consumer protections after the sponsor framed the bill as an economic development measure; senators debated disclosure, prepayment penalties and impacts on home-equity second mortgages. Consideration remained unfinished at recess.
Senate Bill 113, a financial services amendment presented by Senator Knudson, prompted extended floor debate on Feb. 8, 1999, after the sponsor described the measure as intended to preserve and attract credit‑card and financial‑services business to Utah.
Senator Knudson told the Senate the bill supports economic development, saying it "creates jobs, it brings taxes, and it creates community…
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