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Senate Advances SB16 to Regulate Payday Lenders, Keeps Interest-Rate Cap for Later Consideration
Summary
Senate passed SB16, a set of lending-registration and consumer-protection amendments aimed at payday lending and check-cashing businesses: it increases registration enforcement and disclosures, caps rollovers at 12 weeks, authorizes fines and administrative penalties, but does not include an interest-rate cap.
The Utah Senate on Jan. 16 advanced Senate Bill 16, a package of amendments that increases regulatory oversight of payday lending and check-cashing businesses while stopping short of imposing a cap on loan prices in this bill.
Senator Mike Maine, sponsor of SB16, described the measure as a significant update to the state's approach to the industry, noting the sector's 15-year presence in Utah and an evolving need for regulation. Key provisions in the bill include: elimination of treble damages for collection under…
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