lending

Business & Labor
3:21 pm
Thu February 13, 2014

Legislators Attempt to Clamp Down on Payday Lenders

File: Rep. Jim Dunnigan, R-Taylorsville
Brian Grimmett

Rep. Jim Dunnigan, R-Taylorsville, is one of a few legislators introducing bills that would give consumers more protection when dealing with payday lending companies.

HB127 would require deferred deposit lenders, also known as payday lenders, to start reporting detailed information about the loans they give out and how long it takes people to repay them. Rep. Dunnigan says this will help get to the bottom of the claim that payday lenders help create a cycle of debt for people with low income.

Read more