No Continued Exemption for Payday Lenders

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Arizona Daily Sun 
March 17, 2010
Fischer, Howard

In Arizona, the Senate Appropriations Committee has rejected a proposal that would have allowed payday lenders to remain exempt from state laws restricting annual interest rates to 36 percent. The measure also would have established an online database to make sure borrowers carry only one payday loan at a time and allowed borrowers to back out of loans within two days at no cost. Lawmakers voting against the bill did so in response to a 2008 ballot measure passed by voters to eliminate payday lending altogether. The payday lending industry's exemption from interest rate caps expires June 30, after which observers say the nearly 600 outlets across the state may be forced to close up shop.
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