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(KSL News) The Salt Lake County Council heard arguments today for imposing restrictions on payday lending businesses. Many cities have already taken action. One reason why: sheer numbers.
According to the Deseret Morning News, in 1994 the Salt Lake area had 17 payday loan stores. Now Utah has nearly 400.
That means Utah has more payday loan stores than the number of 7-Elevens, McDonald's restaurants, Burger Kings restaurants and Subway restaurants combined.
On tonight's Talking Point segment Salt Lake County Councilman Randy Horiuchi and Kip Cashmore, vice chairman of the Utah Consumer Lenders Association, joined us to discuss this issue.
To view the Eyewitness News Talking Point discussion on restricting payday lending businesses in Utah, click the play button above or the related video link.
