Post by Logan on Mar 22, 2016 3:46:42 GMT -6
PHOENIX — Without a vote to spare, the state House voted Monday to allow lenders to charge interest rates up to 204 percent.
SB 1316 got the bare minimum 31 votes required for final House approval. Every Democrat voted against the measure, joined by Republicans Chris Ackerley of Sahuarita, Brenda Barton of Payson, Kate Brophy McGee of Phoenix and Tony Riveo of Peoria.
But the industry lobbyists who have pushed heavily for this law since voters wiped out payday loans still have a major hurdle.
Identical legislation was killed earlier this year in a Senate committee.
Read more: tucson.com/business/local/legislation-to-ok-high-interest-loans-passes-az-house/article_df9bc5ab-eac0-5153-b086-fb2ad9740308.html
SB 1316 got the bare minimum 31 votes required for final House approval. Every Democrat voted against the measure, joined by Republicans Chris Ackerley of Sahuarita, Brenda Barton of Payson, Kate Brophy McGee of Phoenix and Tony Riveo of Peoria.
But the industry lobbyists who have pushed heavily for this law since voters wiped out payday loans still have a major hurdle.
Identical legislation was killed earlier this year in a Senate committee.
Read more: tucson.com/business/local/legislation-to-ok-high-interest-loans-passes-az-house/article_df9bc5ab-eac0-5153-b086-fb2ad9740308.html