Webb: Payday lending receives as much support as criticism

Logan Municipal councilmember Jay Monson had high hopes for a bill putting restrictions on payday lending companies to be passed during the 2010 session of the Utah Legislature. But at a listening forum with local residents on Saturday, three local lawmakers said they don’t know what happened to the bill Monson was referring to. Representative Curt Webb, R-District 5, said he does know that proposed bills have come up the last couple of years. “Believe me, there were as many people that came in to defend them as necessary, as workable, and important to them as there were that came in said they were abused by that system,” Webb said. “You don’t usually see the legislature taking a stand against them primarily because they seem to see it as more of a free market consideration.” Monson has been pushing for a cap to be placed on payday lending companies because he says the interest rates are sometimes as high as 500 percent. He says these business practices are destroying people’s lives, especially low-income families and senior citizens. Monson says he worries the bill was killed because of payday lending companies’ financial contributions to legislators.

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