Payday Loan Companies May Get More Scrutiny

Payday Loan Companies May Get More Scrutiny

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(Salt Lake City-AP) -- Those companies that give out payday loans at high interest rates may be getting more scrutiny from Utah regulators.

A legislative committee narrowly approved a bill yesterday designed to protect people who use the loans to get "cash until payday."

One provision in the measure would require the payday loan companies to submit to audits -- just like banks and credit unions do.

Another aspect of the law would allow customers to make partial payments on their loans -- avoiding finance charges that could quickly climb out of control.

The bill now goes to the House for debate and a possible vote.

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

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