The Arizona Republic details the efforts to gather petition signatures so that voters can decide whether payday lenders can keep their doors open in Arizona.
If payday lending can remain in Arizona, payday operators would lower fees, provide a repayment plan with no additional cost for borrowers behind in payments and ban loan extensions.
At least 153,365 valid signatures are needed to place the initiative on the Nov. 4 ballot.
Felecia Rotellini, superintendent of the state Department of Financial Institutions, said her office receives few complaints regarding payday lenders despite the industry’s large growth since 2000.
It may be hurting us employees in Ohio a little less if HB 545 would have gone to the voters in November.
At least then if it passed, it would have been the will of the people not the politicians with banks in their back pockets.