Arizona to See the End of Payday Lenders

It is very pleasing indeed to see Arizona join a growing list of other states that is banning the greedy and excessive practices of payday loan centers. 15 states now effectively ban payday lenders: Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Vermont and West Virginia. Voters in the Grand Canyon State voted down a ballot proposition on Election Day (Tuesday 4 November '08) basically written and sponsored by the payday lending industry that would have permitted high interest loans and other unwise and selfish lending practices to continue after legislation passed last year would have ended it. These modern day loan sharks, a scourge upon the land and an eyesore throughout most communities, now must do business along the lines of other financial institutions. Having to abide by these limits and restrictions will inevitably lead to their disappearance rather soon.
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Hopefully the other states in the Mountain States region, as well as those along the Pacific West Coast and the Great Plains, will adopt similar stringent measures to kill this plague and pestilence from all our communities and neighborhoods everywhere throughout the West.
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http://www.azcentral.com/arizonarepublic/news/articles/2008/11/10/20081110biz-payday1110.html
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