AZ House Rejects Payday Loan Bill
There was some new local news regarding the payday lending industry. Our (AZ) House of Representatives voted Monday against a bill that would allow AZ payday lenders to charge up to 113% APR. According to AZcentral.com, “The legislation would have allowed loans of $200 to $3,000, and they would have to be repaid in five to 24 months. Interest-only payments were prohibited and borrowers could repay loans early with no penalty.” There seems that there should be some happy medium in regards to regulating the payday lending industry, but not necessarily having to eliminate it totally. Where will this AZ payday legislation end? Allow payday loans…. NOT allow payday loans? Stay tuned!
