Dear Supporters,

Your calls to Legislators against HB2550 are working!  Keep them up!

We are hearing great reports from the field and have gotten a couple of commitments from Commerce Committee members to vote NO!

The bill, HB2550: “Small Installment Loans,” will be heard in the House Commerce Committee TOMORROW MORNING, February 16th. (Mtg starts at 9:00am)

Please focus your calls this afternoon on the 5 members of the committee that need to hear from you most! (see below)

It will take you only about 5 minutes to make the five calls. But those five minutes could be huge for our ability to stop this predatory lending bill now. Please pick up the phone.

Thank you for taking action today!

David
Arizonans for Responsible Lending

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Here’s why we should stop HB 2550:

• HB 2550 will legalize triple-digit APR interest rates to Arizona consumers for small consumer installment loans, exempting a new industry from the state’s 36% usury cap on consumer loans.

• HB 2550 ignores the voters’ mandate. When Arizona voters went to the polls in November 2008, they clearly said No, by a 60%-40% margin, to triple digit interest rates, special deals under the state’s usury caps, and fake “reforms” in the industry-sponsored Proposition 200.   HB 2550 ignores the voters’ mandate by legalizing another form of high cost consumer lending that will inevitably lead to long-term debt.

• Arizona has rejected these schemes for years! HB 2550 is the same fee structure as bills that were rejected in 2009 and 2008. Voters and the legislature repeatedly rejected triple-digit interest loans that generate piles of fees for the lender and long-term debt for the borrower.

• Arizona consumers cannot afford to replace one predatory loan product with another.  We fought for 10 years to finally rid the state of payday loans.  The voters don’t want new triple-digit loan products on the market. Our state already has consumer lenders offering small installment loans in AZ at the current 36% rate cap or less.

• NO MORE EXCEPTIONS TO THE CONSUMER LOAN ACT!

Contact these members of the

House Commerce Committee TODAY!

Tell them to Vote NO on HB2550!

Tell committee members to respect the voters’ will and reject triple-digit interest rate lending in Arizona.

Commerce Cmte. Members	Cmte. Position	Phone	Email
Rick Gray (R – Dist 9)	Member	602-926-5993	rgray@azleg.gov
Javan “J.D.” Mesnard (R – Dist 21)	Vice-Chairman	602-926-4481	jmesnard@azleg.gov
Catherine H. Miranda (D – Dist 16)	Member	602-926-4893	cmiranda@azleg.gov
Frank Pratt (R – Dist 23)	Member	602-926-5761	fpratt@azleg.gov
Bob Robson (R – Dist 20)	Member	602-926-5549	brobson@azleg.gov

Language of HB 2550: Click here

Commerce Committee Updates, including live video feed of the hearing on 2/16: Click here