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Payday lenders ready for showdown in Senate Approps (access required)

The payday loan industry is getting another chance to keep its doors open in Arizona. The Senate Appropriations Committee today will hear a proposed striker amendment on H2370 that would essentially revive a bill that Rep. Andy Tobin withdrew in January due to a lack of support. The bill would implement new regulations on payday lenders and allow the businesses to continue operating past a July 1 sunset date.

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Lights out on payday loans (access required)

Next year, the Arizona Legislature will decide whether to eliminate payday lending in the state, which presents a dilemma for Republican lawmakers who will have to decide between their free-enterprise beliefs and a moral objection to the large fees on short-term loans.

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