House Commerce and Energy Committee Drops Payday Loan Regulations
By Travis Berg
Two measures regulating payday and title loan services were killed. House Bill 1223 increases the license fee to five thousand dollars, and prohibits debt collectors from engaging in certain harassment practices. House Bill 1224 puts a 36 percent cap on finance charges for the loans. Opponent Dan Henderson owns multiple loan centers. He says current laws already regulate the industry.
Henderson says, "So we need to use the powers we've already put in place. Just because of a few bad apples why do you out law a whole industry? Because that's what both these laws will do."
Proponents say the legislation is not about anti-business. They say it is about helping those who need the loans and offering healthier solutions.
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