Let’s keep up the pressure!  Today’s Republic:

A bill that would allow an out-of-state company to move into Arizona and charge triple-digit interest rates was put on hold Thursday, giving opponents another victory this week.

However, the fight is far from over, according to the bill’s sponsor.

The legislation was being pushed by San Antonio-based Brundage Management, which oversees 220 loan offices in nine states under the name Sun Loan Co. But Brian Tassinari, a Brundage representative, said that he had not been able to talk with enough committee members in order to get the legislation passed.

The bill failed Monday in the House Banking and Insurance Committee, but it was revived in the Transportation and Infrastructure Committee, where bill sponsor Andy Biggs, R-Gilbert, is the chairman.

A hearing was slated Thursday morning, but Biggs postponed it after talking with Tassinari just before the hearing.

Biggs said he is trying to get the bill passed because there is a need in Arizona for small, unsecured loans.

“They can’t go to traditional institutions,” Biggs said. “With today’s market and the economy so bad, people need small loans.”

He said the legislation could reappear in the Senate later in the session.

The bill had opposition from consumer advocates who claimed it was a form of predatory lending because it would allow financial-services firms to lend up to $3,000 with annual interest rates up to 113 percent.

Kelly Griffith, outreach director for Arizonans for Responsible Lending, said that citizens so far have effectively swayed lawmakers through phone calls and e-mails not to pass the bill.

“Definitely, Arizonans have taken a stand against predatory lending,” Griffith said. “These are ordinary citizens that are outraged.”

Sun Loan is looking to move into Arizona because payday-loan companies could go out of business next year when their licensing expires.

Voters in November, by an overwhelming margin, rejected a ballot measure pushed by payday-loan companies that would have allowed them to stay in business indefinitely and charge annual interest rates up to 391 percent.

Biggs said voters rejected payday loans and his legislation deals with different financial institutions. The legislation would allow Sun Loan or other firms to exceed the cap of a 36 percent annual interest rate for loans.

Currently, payday-loan companies are exempt from that limit.

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