Recently, Utah Became the First State Tocreate a Registry for White-Collar

question 63

Essay

Recently, Utah became the first state tocreate a registry for white-collar criminals, which includes anyone convicted of second-degree frauds or other financial felonies since 2006. According tostate officials, the registry serves twopurposes: offering investors information about con artists, and providing incentives for felons topay restitution totheir victims-a prerequisite for removal from the list. You are the newly appointed Attorney General for the state of Idahoand you're contemplating whether or not Utah's example of "white collar shaming" could be effective as a deterrent for future fraudsters of your state. Aside from your office, others in the state senate feel that passing these types of sanctioning laws would definitely reduce the incident rate by those whowish tocarry out these types of offenses. What doyou do? Doyou work with those senators todraft a new sanctioning law or doyou defer and attempt togather more information regarding the practical and deterrent effects of such laws? Please explain your decision.

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Definitions:

Per Annum

An annual rate or measurement, often used in the context of interest rates or financial growth rates.

Compounds Interest

Interest calculated on the initial principal as well as the accumulated interest of previous periods of a deposit or loan.

APR Loans

The Annual Percentage Rate of a loan encompasses the yearly interest rate plus any additional fees, representing the actual cost of borrowing.

EAR

Effective Annual Rate; the actual interest rate an investor or borrower receives or pays after compounding interest is taken into account over a year.