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Arizona Payday Loan Extension (2008)

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The Payday Loan Reform Act is an Arizona ballot initiative that includes a number of reforms to the payday loan industry.

The 100-word description filed with the Arizona Secretary of State's office for this initiated state statute reads: "Arizonans use payday lending services everyday to meet unforeseen expenses and financial emergencies. The payday lending industry is set to be eliminated and the Arizona Legislature refuses to enact reforms to benefit borrowers while preserving this important financial option. This measure will bring dramatic pro-consumer reform to payday lending and preserve consumer choice. It includes a substantial rate cut, eliminates rolling-over principal to extend a loan, creates a repayment plan at no cost to customers that can't meet their obligations, and inhibits a borrower's ability to obtain more than one loan at a time." .[1]

Support

Supporters of the initiative have established a web site, www.reformazpaydayloans.com, with further information.

Opposition

Rep. Marian McClure, R-Tucson, who is sponsoring the Stop Payday Loans initiative. She said that reform is nothing but "window dressing" after trying to work with for 4 years to get reform.[2]

See also

External links

References