Resolution looks to limit lending rates

Logan City councilmember Jay Monson was sponsor of an earlier proposal approved by the council that controls the distance between locations of Logan payday lending facilities. Last night the council approved another proposal, a resolution coming from a Salt Lake area group who wants the Legislature and Governor to take action to control excessive payday lending interest rates. The Logan Municiipal Council vote was unanimous. Monson was pleased because he says the interest rates at times have been as high as 500 percent at some payday lending institutions. Monson says the excessive lending rates are a major cause of bankruptcies in the state.

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