Governor, State Leaders Speak Out Against 200
PRESS RELEASE – For Immediate Release
October 23, 2008
Contact: Melissa Hodgdon (978) 476-9370
Governor, State Leaders Speak Out against Dishonest Ballot Campaign
Urge Arizonans to “Vote No” on Prop 200
Capitol rally shows the real people standing up to the payday loan industry’s money, people from all walks of life fighting the payday lenders’ attempt to write their own laws
Phoenix – Don’t let loan sharks write Arizona laws, say opponents of Prop 200.
A groundswell of opposition against the fake-reform ballot measure from citizens, advocacy groups and public officials, including Governor Janet Napolitano and the Attorney General Terry Goddard, suggests that the payday lending industry may be losing the battle to keep its predatory practices legal in Arizona.
The payday loan industry has spent over $13 million to write, collect signatures for, and market Prop 200. A citizen’s ballot initiative would bypass the state legislative system, where many policymakers have withdrawn their support for allowing payday lenders to charge 400 percent interest rates on loans that trap customers in long-term debt – a rate far above the 36 percent limit on other consumer lenders.
“In today’s economy, the last thing we need is to force working families further into debt,” said Governor Napolitano. “Please join me in voting NO on Proposition 200.”
Over 150 organizations have endorsed the No on 200 campaign, as have 65 elected officials and candidates, more than 50 faith leaders, and nine Arizona newspapers, from Sierra Vista to Flagstaff and everywhere in between.
Attorney General Terry Goddard joined conservative lobbyist Barry Aarons and Democratic Senator Debbie McCune Davis at a rally on the Arizona Capitol Lawn today, encouraging grassroots supporters and members of businesses, churches and civic groups to continue their work to expose the false reforms and red herrings that make up Proposition 200.
“Protecting consumers is my top priority as your Attorney General,” said Goddard. “That’s why I’m asking you to vote ‘No’ on Proposition 200. Prop 200 was written by the payday lenders to allow them to charge 400 percent interest. Forever. Payday lenders should not get to write their own rules.”
“Those of you who know me, know I come from the right side of the political spectrum,” said Barry Aarons, who has spoken out against Prop 200 repeatedly. “When progressives like Terry Goddard and Debbie McCune Davis and conservatives like myself and Tom Jenney take the same position and say you should vote ‘no’ on Proposition 200, clearly this initiative is not in the best interest of Arizonans, no matter what side of the political spectrum you’re from.”
Senator Debbie McCune Davis has worked across party lines with public officials who have recognized the harm payday lending has done in Arizona since they were exempted from the state’s 36 percent interest cap in 2000.
“These out-of-state companies are stripping $150 million per year from our economy,” said Senator McCune Davis. “These are dollars that should be going to basic needs and helping us recover from shortfalls all around. Voters should not hesitate to vote ‘No’ on Prop 200.”
Ken Clark, former legislators and manager of the No on 200 campaign, called on volunteers to help spread the word.
“In the most cynical ploy I’ve seen to date, the payday lenders are now attacking themselves in their TV ads — then telling people to vote the wrong way,” said Clark. “If that doesn’t show them for the morally bankrupt business they are, I don’t know what does. We just have to make sure people know that ‘No’ is the only way to go on Prop 200.”
For more information, see www.200isNoReform.com.
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Paid for by Arizonans for Responsible Lending, No on 200
Senator Debbie McCune Davis, Chair
Major Funding by UFCW Local 99, Phoenix
Center for Responsible Lending, Durham NC, SEIU, Washington DC
and Strategic Issues Management Group, Tucson
Additional Support from Arizona AARP and the Arizona Credit Union League
(602) 312-1100