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 […]
Category Archives: Arizona
Amusing in Arizona
In a blog on AZ Central, Laurie Roberts writes about the possible resurrection of payday loans. It’s a conscending article, but it did not stop the newspaper from advertising payday loan keywords in the text of the article. “…payday loans and their 400% interest rate…” This comes down to the perception. The newspaper will advertise […]
Also posted in payday loans
Arizona looking for alternative models
Arizona lenders are trying to find an alternative product. This would resemble a product that we see in Ohio. This is what I thought was interesting about the lender’s strategy: “They also are using a procedural maneuver of a “strike-everything” amendment that will be considered Wednesday by the Senate Finance Committee. That would strip the […]
Posted in Arizona
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 […]
Also posted in payday loans
Quik Cash has a fight in Arizona
Quik Cash is accused of filing collections lawsuits in courts far from where debtors live or take out loans in the state of Arizona. Arizona authorities think it made it easier to get default judgments in court b/c the court was far away from the borrowers. They’re looking for $5M in restitution. Read more in […]
Posted in Arizona
Arizona Gov. sticks up for payday industry supporters
Governor Jan Brewer is drawer criticism for some of his “associates” helping the payday loan industry. Arizona Gov. Jan Brewer says “It’s not inappropriate that some of her political associates are doing work for the payday loan industry that could result in controversial legislation reaching her desk.” That’s more like it. You can read the […]
Posted in Arizona
Letting the dust settle in Arizona
Arizona is sitting tight for the sunset clause, which will take into effect on July 1, 2010. Basically, if another law isn’t put into place the rates will cap at 36%. I’ve always been against treating these fees as interst, but that’s how people want to see it. One thing that we can agree on […]
Posted in Arizona
Were the Ohio and Arizona payday campaigns too deceptive?
The question posed in this article: “Why do political consultants so often choose a deceptive argument when an honest one would do just as well?” Of course, hindsight is always 20/20, but there is something to be said about fanning the flames. You can’t say the campaign failed from a lack of effort. The PDL […]
Also posted in Legislation, national, Ohio
Payday lenders lose in Ohio and Arizona
The people have spoken. I’m not surprised that something as polarized as payday lending could make it through the popular vote. Let’s face it, payday lending has a image problem. This group is constantly being attacked by consumer groups. The majority of people drew a line a payday lending. In Ohio, many lenders are closing […]
