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Bail Cash from Borrowers
Debtors prisons had been prohibited by Congress in 1833, however a ProPublica article that revealed the sweeping capabilities of high-interest loan providers in Utah caught the interest of just one legislator. Now, heвЂ™s wanting to do something about it.
Feb. 14, 5:17 p.m. EST
Series: This New Debtors Prisons
Just How organizations are placing borrowers behind pubs
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A Utah lawmaker has proposed a bill to quit high-interest loan providers from seizing bail funds from borrowers whom donвЂ™t repay their loans. The bill, introduced when you look at 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 small claims courts and use the bail cash of the that are arrested, and quite often jailed, for lacking a hearing.
Rep. Brad Daw, a Republican, whom authored the bill that is new stated he was вЂњaghastвЂќ after reading the content. вЂњThis has the scent of debtors prison,вЂќ he said. вЂњPeople were outraged.вЂќ
Debtors prisons had been banned by Congress in 1833. But ProPublicaвЂ™s article revealed that, in Utah, debtors can be arrested for still lacking court hearings required by creditors. Utah has provided a good climate that is regulatory high-interest loan providers. It really is certainly one of just six states where there are no interest caps regulating payday advances. This past year, an average of, payday loan providers in Utah charged yearly portion prices of 652%. The content revealed just just how, in Utah, such prices frequently trap borrowers in a cycle of financial obligation.
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