PHOENIX Efforts by the payday loans industry to remain in Arizona after June 30 were dealt a serious and potentially fatal setback Monday when a key Democratic lawmaker said he can’t support what the lenders want.
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Payday Loans – Lawmaker Pushes For Payday Loans
One big difference from the failed 2008 ballot measure is that HB 2161 would require lenders to use a “commercially reasonable method’’ to verify that an applicant for a new payday loans does not have an outstanding one somewhere else. And borrowers would be able to back out within two business days without owing anything.
Payday Loans – Ariz. lawmaker wants to keep payday loans
A state lawmaker has introduced a bill that would allow payday lenders to continue operating indefinitely in Arizona.
The law authorizing payday loans expires June 30. The measure sponsored by Republican Rep. Andy Tobin of Paulden would repeal the termination date and change some regulations.
