Utah Representative Proposes Bill to prevent Payday Lenders From Taking Bail Cash from Borrowers
Debtors prisons had been prohibited by Congress in 1833, but a ProPublica article that revealed the sweeping abilities of high-interest loan providers in Utah caught the interest of 1 legislator. Now, heвЂ™s wanting to do some worthwhile thing about it.
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A Utah lawmaker has proposed a bill to cease high-interest loan providers from seizing bail cash from borrowers whom donвЂ™t repay their loans. The balance, introduced within the stateвЂ™s House of Representatives this came in response to a ProPublica investigation in December week. The content revealed that payday loan providers as well as other loan that is high-interest regularly sue borrowers in UtahвЂ™s tiny claims courts and use the bail cash of these that are arrested, and sometimes jailed, for lacking a hearing.
Rep. Brad Daw, a Republican, who authored the brand new bill, stated he was вЂњaghastвЂќ after reading this article. (more…)