Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate passes HB127 to alter payday lending terms, add underwriting and venue protections
Summary
The Utah Senate passed HB127, revising consumer-lending rules to require an extended-payment option after 10 weeks, underwriting of loans, mandatory default notices, reporting to state regulators and a prohibition on venue-shopping by lenders.
The Utah Senate on March 4 passed House Bill 127, a package of consumer-lending changes aimed at reducing the cycle of repeat short-term loans. Sponsor Senator Bramble told colleagues the bill creates seven key changes, most notably an option that allows borrowers at 10 weeks from loan origination to repay any unpaid balance “without interest over the next 60 days.”
Why it matters: Supporters said the measure will reduce the common practice of borrowers rolling payday loans into new loans and facing escalating fees. Bramble said the bill also imposes mandatory underwriting, clearer consumer disclosures and reporting requirements to the Department of Financial…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
