AG warning payday lenders about new law
Published: June 9, 2010 at 6:33 am
Arizona Attorney General Terry Goddard is warning payday loan stores not to try to keep operating as usual after a law authorizing high-interest loans expires at the end of the month.
Goddard plans to announce a plan to aggressively pursue violators on Wednesday morning. His spokeswoman says it also includes a public education campaign and a hot line.
A law allowing payday lenders to operate for 10 years expires on June 30. The lending industry tried but failed to convince voters and the Legislature to extend the authorization.
There are about 650 payday loan stores in Arizona. Executives have said some will stay open and try make a profit from other lines of business, including auto title loans, check cashing and prepaid debit cards.
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