Dr. Joyce Steiner had this letter in the Tucson Citizen on Friday:

Prop. 200 aptly called preyday loan initiative

An accurate name for Proposition 200, the so-called Payday Loan Reform Act, would be the Preyday Loan Protection Act.

The payday loan industry has spent nearly $12 million (most of it from out of state) to garner support for Prop. 200.

This alone raises questions about the claim of reform.

In 2000, the payday lending industry was exempted from Arizona’s 36 percent interest rate cap on consumer loans.

This has allowed it to charge rates as high as 459 percent. The temporary exemption serves as a license to prey on desperate people.

Prop. 200 caps the rate at 392 percent. Contrast this to a 36 percent cap when the industry’s exemption expires in 2010.

Show that Arizonans are able to recognize which of these is true reform. Vote no on 200.

Joyce Steiner, M.D.