Surprise in Arizona
March 2, 2009 | Arizona, industry, media coverage, regulation | Comments (0)At least it was to the Payday Pundit. There was a vote in a House committee on payday lending legislation. From the story:
Less than four months after voters overwhelmingly rejected a measure that would allow lenders to charge triple-digit interest rates for short-term loans, a House panel did the same thing.
In a surprise move Monday, Republican Rep. Doug Quelland joined the Democratic minority to kill House Bill 2608. It would have created new lending regulations in Arizona to allow financial services companies to loan up to $3,000 with annual interest rates of up to 113 percent.
The final vote was 4-4, effectively rejecting the plan before the House Committee on Banking and Insurance because it lacked a majority vote.
If we learn anymore about next steps, we’ll let you know right here.
Comments»
No comments yet.