Promoting Ethical Profits and Responsible Commerce
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Promoting Ethical Profits and Responsible Commerce |
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Legislative Updates The 2010 Arizona Legislative Session produced a bill in the House that was never heard (for lack of support) and a bill in the Senate Appropriations Committee that was defeated after a lengthy hearing. A last ditch attempt to amend the law to allow increases in loan origination fees and loan document processing fees was unsuccessful as well. The predatory lending industry lobbied state legislators heavily to no avail. The status quo remains in effect. Arizona's small consumer loan rate cap is set at 36% APR. The special deal payday lenders obtained from the state legislature in the year 2000 that allows them to circumvent the 36% rate cap and charge anywhere from 391%-462% APR on small loans will end on July 1, 2010. In November 2008, Arizona voters resoundingly defeated the payday lending industry's attempt to circumvent the state legislators via a ballot initiative. Proposition 200, the so called, payday reform initiative would have legalized triple digit interest rates in Arizona forever. The industry spent well over 14 million dollars in an effort to deceive voters into thinking they were voting for reform. For a detailed breakdown of how Arizonan's voted The payday lending industry is now trying to get a special deal from Federal Policy Makers. For more information about predatory payday lending please visit the Arizonan's for Responsible Lending web site: |
If you wish to contact your State Representative or Senator follow the links below: Arizona Legislature New Mexico Legislature Utah Nevada Legislature
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SCEI finished conducting research on street corner & brokered day labor in the State of Nevada. Read the full report located on our Publications page. The 2005 New Mexico legislative session passed the Day Laborer Act - HB672. Sponsored by Representative Antonio Lujan This bill provides protections for New Mexico Day Laborers. Measures included in this bill mirrors day labor protections adopted in AZ in 2001. SCEI has offered ongoing research and technical assistance to the coalition that supported this bill. HB672 passed in the New Mexico Legislature and was signed by the Governor into law on April 6, 2005. If you wish to read the Day Laborer Act directly go to the New Mexico Legislative link. |
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