Payday Pundit

A few weekends from now this Pundit will be taking a weekend getaway with my signifiacant other and going to visit Frank Lloyd Wright’s architectural treasure, Fallingwater. I have been calling around to make a hotel reservation in the Ohiopyle region of Pennsylvania. When I call these places they tell me how much it two […]

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Yea! A small victory in Arizona:
Superior Court Judge Sam Myers ruled today that Secretary of State Janice Brewer does not have to clarify the language summarizing a payday lending-industry backed measure that will appear on the ballot this November. The ruling means that the essential effect of the measure, which would provide payday lenders a […]

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re·form
/rɪˈfɔrm/ Pronunciation[ri-fawrm]  –noun
1. the improvement or amendment of what is wrong, corrupt, unsatisfactory

The Payday Pundit thinks the existing law,  full of loopholes that allow over zealous regulators to ban an industry full stop is in need of some reform.
Of course, a judge at the Maricopa County Superior Court will have the final say on that […]

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The Phoenix Business Journal reports that “200isNoReform.com” is now “Arizonians for Responsible Lending,” yet another branch of the Center for Responsible Lending and is working to strip Arizonians of their financial choices by capping payday lending at a 36% annual interest rate. The Payday Pundit has said it once and will probably have to say […]

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More false rhetoric from Arizona:

“The number of payday storefronts has mushroomed since the exception was made, and about 650 of them now operate in strip shopping malls.  That may well be a number greater than pizza parlors, which charge their customers considerably less.” 

Unfortunately, pepperoni pizza won’t keep the electricity on or help you avoid overdraft […]

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Arizona’s Capitol Times reports on all 7 measures, including Proposition 200 — Payday Loan Reform Act.

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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 […]

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While they are in no way a fan payday lending, the editorial writers ”do not favor a ban on the operations.” They write:
For some people in need of quick cash this may be their only option, especially if they have bad credit. Should they be denied the ability to make this choice? No, people ought to have […]

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This story  (requires registration) out of Tuscan, Arizona discusses the split of the anti-payday lending groups and their new strategy.  Key passage: 
So instead of supporting one initiative and opposing another, Stop Payday Predators has decided to take a defensive posture. The committee will put all its efforts toward defeating the industry measure with a “vote […]

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The split between the two anti-payday groups in Arizona over strategy is good news for the industry.   This article provides more details.

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