Arizona Payday Loan Extension (2008)
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." .
Supporters of the initiative have established a web site, www.reformazpaydayloans.com, with further information.
- Arizona 2008 ballot measures
- Arizona Initiative and Referendum Law
- Campaign finance requirements for Arizona ballot measures