Arizona bill gives back to low income services

Sen. Russell Pearce, R-Mesa, has proposed an amendment to House Bill 2370 that would cap rates at $15 per $100 borrowed, limit the number of loans a borrower can take out at one time, and give back 1.5% back to low and moderate income services.

That 1.5% is something new.  I’m not sure if it’s a good or bad idea.  On one hand, if it works, do it.  On the other hand, it perpetuates the stereotype that payday loans prey on low income people; which is not true.

You can read the article in the Arizona Republic titled New hope for payday lenders.

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