Arizona Payday Loan Bill Delayed
As a follow up to our past entries regarding the payday loan industry in Arizona, the bill that would allow lenders to continue offering payday loans has been delayed.
According the azcentral.com the bill was pulled out of a hearing agenda recently. Republican Rep. Andy Tobin supporting the bill said that currently it does not have enough support, but vowed that more support would be gathered and the bill would be brought back.
Currently payday lenders are operating under a temporary exemption from Arizona’s 36% cap on annual interest rates. This exemption is set to expire on June 30th.