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Written by Jamie Simpson, LawServer Attorney-Editor
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Last Updated November 7, 2008 |
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Arizona voters defeated a ballot initiative that would allow payday lenders to continue to do business in the state indefinitely, reports the Arizona Daily Star. Current Arizona laws legalizing payday lending practices are set to expire on July 1, 2010, which Proposition 200 aimed to eliminate. Payday lenders may charge as high as a 460% APR. After current laws expire, lenders must adhere to the state's 36% limit on borrowing costs.
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