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REPORTS ON PAYDAY LOANSH.B. 5253 (H3): SUMMARY OF HOUSEPASSED BILL IN COMMITTEEHouse Bill 5253 (Substitute H3 as passed by the House) Sponsor: Representative Sherry GayDagnogo, M.Ed. House Committee:
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Ending debt traps refers to the process of eliminating the cycle of debt that individuals may find themselves in.
Individuals who are struggling with debt and seeking assistance in breaking free from the cycle of debt are required to file ending debt traps.
Individuals can fill out ending debt traps by providing detailed information about their current financial situation, debts, income, and expenses.
The purpose of ending debt traps is to help individuals break free from the cycle of debt, develop a plan to manage their finances, and achieve financial stability.
Information such as current debts, income, expenses, assets, and liabilities must be reported on ending debt traps.
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