Roberts: Arizona legislators score payday with flex loan bill

Roberts: Arizona legislators score payday with flex loan bill

. (Picture: Sebastian Kaulitzki, Getty Images/Hemera)

This week, we wait to see if the Republican-controlled Legislature will touch base its hand to struggling Arizonans … by offering them the opportunity that is golden be eligible for high-interest loans.

Us contemplate what it cost the payday loan industry to get its “flex loan” bill here, to a point where Arizona soon may sanction interest rates of up to 204 percent as we wait, let.

The going price for top legislative leaders and prime sponsors: $1,000 to $2,000 each. Co-sponsors merited $750 apiece while rank-and-file supporters got $500.

In most, the industry needed to spend slightly below $21,000 in campaign efforts for the opportunity to wheedle its long ago in to the pocketbooks associated with the poor.

perhaps Not really a bad return on investment, if you think about the possibility for profit.

The cash advance industry happens to be hoping to get back to Arizona from the time voters kicked it out eight years back.

There is certainly a crying need, our company is told, for struggling families to possess use of loans for all instances when an urgent situation appears, if the vehicle requires restoring or even the roof requires patching. Actually, we trust this.

We simply differ, evidently, on whenever assistance becomes highway robbery.


Give consideration to SB 1447, which morphed into SB 1316 following a committee killed the bill that is first. Read more