The future of payday lending in Arizona?
November 21, 2008 | Arizona, industry, states | Comments (1)The chief lobbyist for the industry says only the legislature can save it. From the story:
Lee Miller is chief lobbyist for Community Financial Services Association which supported prop 200 to extend the life of payday loan operations. He says banks have a monopoly on lending.
“Banks are unenthusiastic about making loans, and the loans they do make they charge rbitant fees and interest rates for,” says Miller.
Only the Arizona Legislature can save payday lenders. Miller says he does not expect lawmakers to void the voters’ decision on prop 200, but the industry will regroup to find a legal and profitable business model.
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