Utahns Want Tighter Rules on Payday Loans

January 26, 2014
Salt Lake Tribune (UT) 
payday lending news
A SurveyUSA poll commissioned by the Salt Lake Tribune has found that Utah residents overwhelming prefer tougher oversight of payday lenders.

According to the results, 58 percent of the 600 people queried favor greater regulation; while just 25 percent are against it. The remaining 17 percent are undecided on the issue, which is back before the state House this year after a 2012 bill failed that would have prevented borrowers from taking out multiple loans. That measure also would have created a loan database that lenders would have been required to check before writing additional loans.

Rep. Larry Wiley (D-West Valley City) is pushing similar legislation in 2014, and the poll results have renewed his hopes for passage. "I'm glad the general population is looking at this and thinks that more probably needs to be done," he remarked. Payday customers in Utah borrower $358 on average and pay 473.52 percent annual interest on average.

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