Late development in Arizona
April 2, 2010 | Arizona, industry | Comments (0)From the article:
Unable to keep payday loans legal in Arizona, lenders are making a last-ditch plea to get lawmakers to approve an alternate plan to keep them in business beyond June 30.
Legislation set for debate Wednesday would alter existing laws on consumer loans to let lenders charge an origination fee of up to 7.5 percent for loans up to $1,000. That is 2.5 points higher than current law.
They also would be able to charge a new $10 fee for preparing documents on collateral and obtaining a credit report.
But they would have to live under the existing laws which limit the annual percentage rate that can be charged under the loan itself to 36 percent.
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