Payday Pundit

That would be Attorney General candidate Jean Welch Hill who wants restrictions on payday lenders: 
Hill called Thursday to limit the interest that payday lenders can charge to just 36 percent annual interest. She also proposed limiting the period that borrowers can “roll over” or extend loans from the current 12 weeks to just four weeks.
“A […]

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This story about the Attorney General’s race in Utah, is making our blood pressure rise.  A reporter from an “alternative” weekly newspaper calls current AG Mark Shurtleff’s acceptance of campaign contributions from the payday lending industry an example of how he is “ethically challenged.”
That’s quite a phrase to throw around from a journalist, let alone […]

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From the article:
  For example, Hill supports passing a state usury law to further regulate payday lenders and eliminate predatory loan practices.
    Shurtleff’s campaign coffers are fed by tens of thousands of dollars from quick-cash outlets. He denies that such businesses - Utah has about 400 - are predatory, as long as they operate within […]

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This story says the growth of payday lending stories in Utah has slowed down.   That makes no sense if you listen to payday lending critics who claim that payday lending stores boom in tough times.   Hmm, maybe they don’t. 

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From a letter this weekend in  the Salt Lake City Tribune: 
You only have to look to the recent subprime mortgage crisis to see the negative effects of economic illiteracy. Legislators should focus more on programs that help Utahns understand personal finances. That way, borrowers could learn how to make smart financial choices and still have […]

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Vernal is a town in Utah.  (what a great name!)  From the story:
With nearly a half dozen new lenders in Vernal specializing in short-term, small loans, title loans and/or collateral loans, many residents are exploring these alternative lenders to help pay for unexpected expenses, increased expenses, and holes in the monthly family budget.
 Cynthia Shiner, store manager […]

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So the City Council, with time on its hands, is looking to regulate payday lenders.  From the story:
City leaders are proposing changes to the zoning ordinance that would limit where check-cashing and payday loan companies can operate in the city.
The proposal would require a half mile between such businesses, preventing them from clustering in sections […]

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Attorney General Mark Shurtleff is being attacked for, get this, accepting donations from business, including payday lenders.    This is the cheapest form of politics.  Campaigns cost money.  You get money from people who think you’re doing a good job.   From the article:
Democrat Jean Welch Hill says the campaign fundraising and spending practices of her opponent, Attorney General […]

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This is about the fifth or sixth story we’ve posted in the last several weeks about a Utah city restricting check cashers and payday lenders:
Provo would become the second Utah County city to regulate the lenders, joining Salt Lake County and communities in limiting where and how many check-cashing operations can set up shop.
    While […]

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I don’t understand why the anti-payday lending groups can’t wrap their heads around this one. 
Allred said potential borrowers are told twice the interest rate that they will pay, even when it’s 521 percent.
Payday lenders are extremely clear about what taking out a loan will cost.  They have to be, in many states what they tell […]

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