Arizona House Approves Payday Loan Protections
By Paul RizzoPayday Loan Writer
The Arizona House has approved legislation to give new protections to bad credit payday loan borrowers.
At the same time, the bill helps the faxless payday advance industry by lifting the scheduled expiration of the state law authorizing the short-term loans.
The bill now goes to the state Senate.
The bill would erase the July 2010 automatic repeal included in the 2000 law that authorized payday loans.
Additional key provisions include limiting a borrower to one payday loan at a time and requiring lenders to check a database to verify that an applicant doesn’t have an existing instant cash loan.
