When did Utah become anti-free market?
August 31, 2008 | Utah, alternatives, customers, industry, local issues, media coverage, states | Comments (0)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 advocates for the poor support city ordinances, they warn that the quotas won’t make much of a difference – as long as the businesses can still charge annual interest rates in excess of 500 percent.
But the Utah Consumer Lending Association, a trade group representing payday lenders, says cities are actually hurting people who can’t go anywhere else to get emergency loans.
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