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    NCUA approves ‘PALs II’ allowing payday-alt loans as much as $2,000 for one year

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    Utah rep proposes bill to cease payday loan providers from using bail cash from borrowers

    For many years, Utah has provided a great climate that is regulatory high-interest loan providers.

    This short article initially showed up on ProPublica.

    A Utah lawmaker has proposed a bill to cease lenders that are high-interest seizing bail cash from borrowers who don’t repay their loans. The bill, introduced when you look at the state’s House of Representatives this came in response to a ProPublica investigation in December week. This article revealed that payday loan providers as well as other high-interest loan companies regularly sue borrowers in Utah’s little claims courts and make the bail cash of these that are arrested, and quite often jailed, for lacking a hearing.

    Rep. Brad Daw, a Republican, whom authored the brand new bill, stated he had been “aghast” after reading the content. “This has the scent of debtors jail,” he stated. “People were outraged.”

    Continue reading Utah rep proposes bill to cease payday loan providers from using bail cash from borrowers