Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Bill would delay Arizona payday loan ban
PHOENIX (2/13/08)--An Arizona lawmaker has proposed a bill, Senate Bill 1239, that would push a payday lending ban in the state back by two years. Under current law, payday lenders are scheduled to shut down in 2010. The proposed bill would give lenders until 2012 to close their doors (Arizona Daily Star Feb. 12). During the interim, the Department of Financial Institutions would study the loans made by payday lenders and the amount of money they collect. Sen. Robert Blendu (R-Litchfield Park), who proposed S.B. 1239, said the extra time might convince legislators to overturn the payday lending ban. Though Blendu said he is not intending to overturn the ban, he said that payday lenders serve a purpose and he wants to see if “there’s a legal place for them in Arizona,” he told the Daily Star. State Rep. Marian McClure (R-Tucson) disagreed and said payday lenders are an “equal opportunity predator.” Banks and credit unions offer small loans with reasonable interest rates, she said. The state Senate Committee on Financial Institutions, Insurance and Retirement will conduct a hearing on Blendu’s bill Monday.
Other Resources

RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
21 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
22 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
22 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
1 Day ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
1 Day ago