House of Representatives State of Utah


         UTAH STATE CAPITOL COMPLEX . 350 STATE CAPITOL
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         P.O. BOX 145030 . SALT LAKE CITY, UTAH 84114-5030 . (801) 538-1029         February 14, 2014

Madam Speaker:

    The Business and Labor Committee reports a favorable recommendation on H.B. 127, CONSUMER LENDING AMENDMENTS, by Representative J. Dunnigan, with the following amendments:

1.    Page 9, Lines 258 through 263 :    

             258          (6) (a) The inquiry required by Subsection (1)(g) applies solely to the initial

  period of a       deferred

             259      deposit loan transaction with a person and does not apply to any rollover
  or extended payment plan       of a deferred deposit

             260      loan.
             261          (b) A deferred deposit lender is in compliance with Subsection (1)(g) if the deferred
             262      deposit lender
  ,       at the time of the initial        period of the deferred deposit loan       transaction      {   with   }        , obtains one of the following regarding       the person seeking the deferred deposit

             263      loan
{   obtains one of the following   } :


2.    Page 12, Line 347 :    

             347      under the extended payment plan is in compliance with the extended payment plan.
  (6) A deferred deposit lender may not collect additional interest or fees on a deferred deposit loan, except for the fee imposed under Subsection (3)(c)(ii), from a person who has been charged 10 weeks interest and defaults under the extended payment plan described in Subsection (1)(c).      

    Respectfully,

    James A. Dunnigan
    Committee Chair

Voting: 12-0-4
3 HB0127.HC1.wpd 2/14/14 4:20 pm bhowe/BRH PO/BRH

Bill Number
Action Class
Action Code

*HB0127*
*H*
*HCRAMD*

 HB0127
H
HCRAMD