Audit: State regulators don’t punish payday lenders

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

SALT LAKE CITY -- A legislative audit has concluded that Utah regulators have found hundreds of examples of Payday Lenders skirting the law, with almost no punishment levied.

“We found that during the past five years before our audit, that the examiners had identified several hundred finable violations, but during those five years the department had only issued one fine,” said audit supervisor James Behunin.

Edward Leary, the Utah Commissioner of Financial Institutions, said he appreciated the audit, and his department was already implementing changes, though he said the burden would fall mostly on small business owners.

“Predominantly those violations are in the small mom and pop stores, so we would be fining the mom and pops,” Leary said.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.