Arizona Proposition 200, also referred to as the pay day loan Reform Act, had been in the November ballot in Arizona as being a citizen-initiated amendment that is constitutional. It absolutely was beaten.
The payday-loan effort had been mainly supported by the payday-loan company when you look at the state, and had been less limiting compared to the avoid Payday Loans Initiative, sponsored by Rep. Marion McClure, D-30, and Sen. Debbie McCune Davis, D-14. That measure had been withdrawn during the early June whenever perhaps not sufficient signatures had been being gathered to qualify it for the ballot. 1
Text regarding the effort
The 100-word description filed with all the Arizona Secretary of State’s workplace with this initiated state statute checks out:
Arizonans use payday lending services each and every day to satisfy unexpected costs and economic emergencies. The payday lending industry is defined become eradicated therefore the Arizona Legislature will not enact reforms to profit borrowers while preserving this essential monetary choice. This measure brings dramatic reform that is pro-consumer payday lending and protect customer option. It provides a significant rate cut, removes rolling-over major to extend that loan, produces a payment plan free of charge to clients that can not fulfill their responsibilities, and inhibits a borrower’s power to get one or more loan at the same time. 3 4