Arizona payday loans stay legal
Arizona payday loan industry will live to see at least another year to 18 months. Instead of banning payday loans completely, Arizona legislators had to settle for the Prop. 200 - the Payday Loan Reform Act, which voters will decide in the November 4th election.
The reform should make payday loans better for Arizona consumers by substantially cutting loan fees, state-licensing Internet payday loan lenders and drastically reducing the number of payday loan stores. Also Arizona payday loans will come with flexible repayment plans for those who need them, while costly extensions are to be eliminated. The push to ban payday loans completely could be revived for the next year legislative session. Interesting that after for the second year in a row two attempts to make predatory short-term personal loan products illegal failed in Arizona General Assembly, likely due to the industry intense lobbying, their respective proponents took to the streets to collect at least 153,000 signatures before the June cutoff date to have their proposals put up for vote, and failed.
Mon Aug 18, 2008 03:08PM by Tony | More in Personal Finance | Comments (0)
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