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GOP lawmaker targets high-interest lenders
A Mesa GOP lawmaker is proposing what he concedes is a very un-Republican thing. Sen. David Farnsworth has introduced two bills to cap the interest rate that can be charged by title lenders at 36 percent. That compares with rates that run as high as 17 percent – a month.
Camps gear up to put title loans on the ballot
More than a decade after Arizona voters rejected an attempt by the payday lending industry to make permanent a law allowing high-interest loans, city streets are still littered with garish signs promising fast cash with no credit checks required.
McCune Davis pushes for curbs on title lending industry
Rep. Debbie McCune Davis, D-Phoenix, said the triple-digit interest rates that are charged to consumers are as abusive as those which were charged by now-defunct firms that gave short-term loans based on a promise to repay.
