PHOENIX (AP) — Another attempt is being made at the Legislature to keep the payday loan industry alive in Arizona.
An amendment filed Friday for a Senate committee to consider Tuesday would repeal the current June 30 termination date now included in state law for the small short-term loans that are exempted from Arizona's 36-percent cap on annual interest rates.
Similar legislation was introduced in the state House earlier this year but quickly stalled for lack of support before even being voted by a committee. Both versions of the legislation include consumer protections as well as the reauthorization.
Arizona voters in 2008 rejected an industry-backed initiative with similar provisions.
