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Arizona league opposes payday loan reform act
PHOENIX (10/10/08)--The Arizona Credit Union League (ACUL) has adopted a more public stance in opposing Proposition 200--the Payday Loan Reform Act, which is up for a vote Nov. 4. The ACUL maintains that the proposition, which was written by the payday lending industry, is not reform. Drafted and proposed by payday lenders, the proposition will allow payday lenders to conduct business without the legislature’s ability to review and amend, permanently, and with new exemptions. Payday lenders will charge high interest rates, will have new electronic access to borrowers’ checking accounts and will allow people to receive numerous payday loans at once, regardless of existing debt, the league said. If the proposition passes, “the most vulnerable people in our communities will become more susceptible to the three-digit interest rates and debt traps set by Arizona payday lenders,” the league added. The ACUL is reaching out to more than 1.6 million Arizona credit union members and urging them to vote against Proposition 200. It also is working in conjunction with the “No on 200” campaign. “We need to look out for the best interest of our members and all consumers to protect them from a deceitful and harmful proposition,” said Scott Earl, ACUL CEO. “Credit unions are not-for-profit institutions whose sole motivation is upholding what is in the best interests of its members, our community and local economy. We encourage everyone to come out in force on Nov. 4 and defeat Proposition 200.”
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