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Arizona Payday loan laws. Arizona Payday loan legislation. Arizona has specific payday advance laws. The permitted fee is 15 % of the face amount of the payday loan amount. The permitted time period is a minimum of 5 days.
The maximum amount of the payday loan allowable is $500.00. No more than three rollovers are allowed.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to PaydayLoanIndustry.com
Arizonans for Financial Reform hopes to teach people about the loans, who uses them and why they are a responsible form of lending, says Lee Miller, who represents the Arizona Consumer Financial Services Association, a payday loan trade group.
"We have come to understand that the biggest challenge the payday industry faces in trying to establish its niche in the marketplace is the vast majority of people out there will never be our customers," he said. "[They] know nothing about us, and what they do know, they picked up through the media, which is never a positive message".
"A byproduct of understanding why the industry exists...is coming to the conclusion, "I guess it is appropriate for you guys to exist".
In the meantime, Miller says payday lenders are committed to reforming the industry through the legislative process. To that end, he says the likely starting point would be the core provisions of a bill last session that died when the Senate and House couldn't agree on amendments.
Among other things, that legislation would have eliminated so-called "rollovers" of loans, in which a borrower extends the loan for another two weeks, but pays an additional 15-percent fee. State law currently allows three such "rollovers. " Instead, the bill allowed borrowers to enter into a 90-day fee-free repayment plan.
Current law allows borrowers to use up to three "rollovers" per loan.
Miller says the regulations the industry agreed to last year would address the two chief complaints payday loan critics have: that borrowers are compelled to use "rollovers" to extend the loan and that borrowers take out multiple loans at one time.
The best option for Arizonans, Miller says, is to have a regulated industry that exists in brick-and-mortar form within the state. If McClure's initiative is approved, he said, then people will turn to Internet payday loan sites - many run by off-shore companies - that are not subject to Arizona's laws.
"If you think it's going to have an effect on those [companies], I want to be the guy whose job it is to patrol the Caribbean looking for those people," Miller said.