Round 1: The Voters
Friends,
Yesterday we scored an important victory in our battle to make sure the sun finally sets on 400% Payday Loans. We made it clear to our representatives on the Banking and Insurance Committee that The People have spoken. And they listened. But this victory, while important, was just Round 1.
Rep. Andy Tobin, the sponsor of HB2161, decided at the 11th hour to pull the bill from consideration because of YOUR continued advocacy over the past week that secured at least four ‘No’ votes, enough to have killed the bill.
Arizonans for Responsible Lending sincerely thanks the legislators on the committee who made it clear they would not vote to extend predatory payday lending in our state.
BUT… as we see in today’s media coverage, the fight continues.
Jonathan Cooper of the Associated Press reports:
Lee Miller, a lobbyist for payday lenders, said Tobin’s decision to pull the bill is not a major setback for the industry.
“The lenders never anticipated that the bill as introduced would be exactly the bill that was sent to the governor,” Miller said. “We’re going to try to work all the kinks out up front rather than moving it along and amending it later.”
More battles lie ahead, beginning immediately. And we won’t be victorious until this session comes to a close and we have succeeded in protecting the July 1 Sunset.
Please donate today to ensure we will have the resources to continue the fight.
HB 2161, as it stood yesterday, would allow 400% interest rates to continue indefinitely, with no enforceable regulation to protect consumers. Any ‘reform’ that continues to allow triple-digit interest rates is no reform at all, and we will continue to oppose it.
The payday loan industry has $150 million dollars riding on this battle, in fees stripped from trapped Arizona borrowers every year. They are not going to go away without a fight. That’s why we need you, once again, to take action.
TAKE ACTION TODAY:
1) Donate $50, $100, $150 or whatever you can, today. Help us raise $2,000 online by Friday.
2) Send a Letter to the Editor expressing why you believe the Sun Must SET on 400%. Let’s make sure our voices are heard in every corner of the state:
To submit a Letter to the Editor to the Arizona Republic, click here.
To submit a Letter to the Editor to the Phoenix Business Journal, click here.
To submit a Letter to the Editor to the Arizona Daily Star, click here.
To submit a Letter to the Editor to the Arizona Daily Sun, click here.
To submit a Letter to the Editor to the Prescott Daily Courier, Rep. Tobin’s home paper, click here.
To submit a Letter to the Editor to the Yuma Sun, click here.
To submit a Letter to the Editor to the Sierra Vista Herald, click here.
To submit a Letter to the Editor to the Casa Grande Dispatch, click here.
To submit a Letter to the Editor to the Payson Roundup, click here.
To submit a Letter to the Editor to the Green Valley News and Sun, click here.
To submit a Letter to the Editor to the Nogales International, click here.
To submit a letter to La Prensa Hispana, click here.
To submit a letter to La Voz, click here.
To find your local paper, click here.
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We will keep you informed of new bills that arise as the session continues. With your help, we’ll be ready to answer whatever the payday lenders try next.
Thank you for taking action today!
Sincerely,
DEBBIE MARIAN
Sen. Debbie McCune Davis (D-Phoenix) Hon. Marian McClure (R-Tucson)
Co-Chair Co-Chair
Arizonans for Responsible Lending
www.NoMoreLoanSharks.com
PS: Just like in 2008, the payday lenders are spending large amounts of money to promote phony industry-written reforms that don’t change the way they do business, and don’t end the debt trap. Write a Letter to the Editor today. Then, donate what you can to help us fight back. Thank you!
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Paid for by Arizonans for Responsible Lending
Major Funding by AARP Arizona
Center for Responsible Lending, N.C., SEIU, Washington, and SIMG, Tucson.
Additional Support from Arizona State Credit Union, UFCW Local 99
The Arizona Credit Union League, and Mi Familia Vota.