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Arizona payday lending struggle could head to ballot box
PHOENIX (6/2/08)--Two initiatives aimed at payday lending in Arizona could be headed for the ballot box this fall. Arizonans for Financial Reform, which received $2 million from the payday lending industry, is seeking to scrap a state law provision that would eliminate payday lending in Arizona in 2010 (Arizona Daily Republic May 24). If the initiative is approved, payday lenders would remain in Arizona and charge fewer fees. Borrowers would save $2.65 per $100 borrowed, the newspaper said. Another initiative, which was started by Rep. Marian McClure (D-Ariz.), would eliminate payday lending in Arizona entirely. McClure told the Republic that payday lenders prey on low-income individuals who need short-term loans, and payday lending storefronts tempt borrowers in need. About $150,000 signatures must be collected for each initiative by July 3 for a spot on the Nov. 4 ballot. The Arizona Credit Union System advocates financial education and REAL Solutions, Pat Bodnar, league vice president of public affairs, told News Now. REAL Solutions is a product of the National Credit Union Foundation and seeks to help low-wealth consumers accumulate assets. Some Arizona credit unions provide short-term loans, Bodnar added.
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