Letters
Payday loan reform is no reform at all
To the editor:
Don't be misled by Proposition 200, the so-called Payday Loan Reform Act. Despite what the many ads may say in support of it, it is no reform at all. Proposition 200 is a proposal written and funded by the payday lending industry to allow them to make 390 percent annual percentage rate (APR) loans in Arizona, forever! Proposition 200 is not a solution. It takes money from families and therefore their children. Half of payday loan customers in Arizona have children younger than 18. Here are additional reasons why you should vote no:
Voting no would extend the same protection to all Arizonans that federal law now requires to protect military personnel and families.
Voting no would prevent the payday lending industry from continuing, indefinitely, to operate outside of Arizona's Consumer Loan Act, which caps loans at 36 percent APR.
Voting no would prevent payday lenders from continuing to charge the $140 million in fees they take from Arizonans per year.
Voting no would ensure a 2010 legislative sunset review of the industry.
Join elected officials in Coconino County and throughout the state, faith community leaders and organizations such as the United Way of Northern Arizona, Flagstaff Chamber of Commerce and the Children's Action Alliance and vote no on Prop 200. For more information you may go to www.200isnoreform.com.
JULIANNE E. HARTZELL
Flagstaff
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