Saxton Wants To Regulate "Payday Lenders"

None by Eric Ray

City Councilwoman Says They Target Low Income Earners

(KCPW News) Many cities in the Salt Lake valley have placed regulations on the so-called "payday lending" businesses located within their borders. Salt Lake City could be the next.

City Council Member Nancy Saxton is pushing the proposed changes because she has concerns about payday lenders being located in neighborhood areas where they target low-income earners. She says the businesses attract customers that are not able to pay - and in some cases don't understand - the high interest rates they charge.

Saxton says other cities are regulating where payday lenders can be located and limiting the number of lenders based on population.

The City Council will take up Saxton's proposal at their meeting on Tuesday.

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