Fox 11 AZ reports:

PHOENIX (AP) — Arizona’s attorney general says the decision by another payday lending company to leave the state shows the expiration of a law that allowed the high interest loans is working.

South Carolina-based Advance America Cash Advance Centers Inc. announced Thursday that it will be closing all 47 of its locations in Arizona. A decade-old law allowing the high-interest loans expired June 30.

Attorney General Terry Goddard announced a program last month to pursue payday companies that continued operating as usual after the law changed. Goddard says Advance America made millions by “preying on vulnerable borrowers.”

Cincinnati-based Check ‘n Go announced last month that it was closing all of its 34 locations in Arizona.