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Neighborhood ordinances in Salt Lake County had little effect on pay day loan industry

Neighborhood ordinances in Salt Lake County had little effect on pay day loan industry

Industry that fees interest that is high flourished despite restrictions on shop figures, places.

Utah towns had been among the list of country’s very first to consider ordinances limiting the true wide range of payday loan providers inside their edges. But supporters now figure those efforts did small to slow a business for which typical loans now charge 459 % annual interest.

That is in accordance with a brand new research by scientists Robert N. Mayer for the University of Utah and Nathalie Martin during the University of brand new Mexico.

The analysis talks about classes discovered by efforts to rein in payday loan providers in Salt Lake County, Dallas and California’s Silicon Valley.

Scientists included a full example of exactly exactly how 11 Salt Lake County communities passed ordinances to limit the amounts of payday loan providers and how close they are often one to the other.

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