Arizona update
December 21, 2008 | Arizona, industry, media coverage, regulation, states | Comments (1)A State Senator has introduced legislation to extend the law under which payday lenders operate, recognizing the need for short-term credit in the current economic crisis. From the story:
Sen.-elect Russell Pearce, R-Mesa, said he believes the Legislature will give the industry an extension to stay in business.
“I believe in the free market,” said Pearce, who is well-known for writing the state’s employer-sanctions law as a state representative. “It’s not our business to run a business out of business. . . . These are high-risk loans, and it’s pretty unfair for us to tell you that you can’t take out a high-risk loan.”
Encouraging.
Comments»
So much for the will of the voters.