PDLs in Arizona

Business Week is reporting that payday loan efforts in Arizona are pretty much done.  A new bill was abruptly removed from the agenda Tuesday, and the committee’s chairman, Sen. Jack Harper, said “they never had the votes.”

Arizona has 650 licensed payday loan stores.  Some will stay open offering car title loans, prepaid credit cards and check cashing.

I don’t think you can fight demand.  The industry will find a way to serve customers.  This is a very similar situation to Ohio, where interest rates were capped at 28%.  The industry is still operating under an alternative law.

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