PROPOSITION 200: This initiative would indefinitely extend the authorization in state law for payday loans – ‘‘deferred presentments” – past the current July 1, 2010, expiration. It also would make such changes as prohibiting a lender from making a new loan to a customer who already has a loan outstanding and requires allowing repayment plans on request before a transaction is due. Supporters say the loans serve customers who otherwise couldn’t get credit. Opponents say payday loans can lead to perpetual debt traps for inexperienced borrowers.