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House, Senate agree to payday loan measure

If you've ever had to use a payday check advance firm, legislators gave you a helping hand Tuesday when the House approved a Senate bill that sets some minimum standards for the high-interest loans.

Under the new regulations, you can pay off your bridge loan within 24 hours without excessive penalties. Compound interest rates are controlled. "You can't bait and switch on terms," said Rep. Wayne Harper, R-West Jordan.

Payday loan firms couldn't threaten criminal action against its clients and would have new rules on how they pursue civil complaints against people who don't repay the loans, under the bill.

The loan industry, consumer groups and others agree to the measure, Harper said.