Legislature Trims Borrower-Protection Bill

Legislature Trims Borrower-Protection Bill

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(Salt Lake City-AP) -- The Utah House has taken the teeth out of a bill meant to tame loan sharks.

On Friday the House passed a bill meant to impose consumer-protection rules on companies that make quick-cash loans to people in desperate financial situations.

But the bill now lacks a provision that would have capped interest rates at a 105 percent annual rate. Annual percentage rates can now top 500 percent.

The bill does include a provision that requires all those fees and charges to be announced up front.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

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