A Hill in Utah
October 30, 2008 | Deseret News, Utah, industry, media coverage, states | Comments (0)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 36 percent rate is still quite high, but it would restore a modicum of fairness to the system and probably encourage the most unscrupulous lenders to leave the market,” Hill said.
Why don’t these people just say “ban” because that’s what the 36% cap does to the industry.
Comments»
No comments yet.