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Senate advances financial‑services bill aimed at retaining lending industry, critics raise consumer concerns
Summary
Senate Bill 113, described by its sponsor as necessary to keep industrial loan corporations and related financial businesses in Utah, advanced to the third‑reading calendar after discussion about consumer fees, prepayment penalties and competitive pressures. Proponents highlighted jobs and community reinvestment; some senators pressed for comparative data and consumer protections. (Transcript-based)
The Utah Senate moved Senate Bill 113 to the third‑reading calendar after a lengthy floor presentation on Feb. 5, 1999, in which supporters said the measure would help retain and grow a cluster of financial services companies that have generated jobs and local reinvestment.
Sponsor Senator Knudson framed SB113 as an economic‑development measure that would exempt certain depository institutions from regulation of service charges for dishonored checks, remove caps on selected delinquency…
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