Sen. Russell Pearce to come to the aid of predatory payday lenders

Posted by AzBlueMeanie:

Every time you think you have finally killed them, they rise again like a vampire in a B-movie horror flick. Payday lenders now seek legislative help, would add $1.5M-per-year incentive:

Rejected by voters and stymied in the House, lobbyists for payday lenders are now trying to get a Senate panel to approve legislation to keep the industry alive beyond June 30.

But now there's a sweetener: They're offering to set aside an estimated $1.5 million of their proceeds each year for community-based organizations that help the needy.

That still may not be enough to corral the votes they need to keep the doors open. Most Democrats and several Republicans already have announced their opposition to extending the life of a special law that allows lenders to charge what would be the equivalent of 400 percent interest on an annual basis.

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With the law allowing payday lending set to expire June 30, that leaves legislation as the industry's only remaining option.

House Majority Whip Andy Tobin, R-Paulden, sponsored the necessary legislation to keep the industry operating.

But Tobin pulled the plug when it became clear that not a single Democrat on the House Banking and Insurance Committee would support it. Tobin said he did not want the issue of high-interest, short-term loans to be a Republican-only plan.

Sen. Russell Pearce, R-Mesa, has agreed to strip it onto an unrelated measure that already has been approved by the House when the Senate Appropriations Committee meets Tuesday.

If it gets through that committee and the full Senate, it then goes back to the full House, bypassing the need for any committee action there.

"I'm a free marketeer," Pearce said. He said he has no qualms about having the measure clear the committee he chairs on a party-line vote.

"If you want to go out and get a bad loan, you have a right to go out and get a bad loan," he said. "People have a right to make choices, even bad choices."

First, call your state legislators to register your opposition to the predatory payday loan industry.

Second, Sen. Russell Pearce is a malignant cancer on the state of Arizona. Everything this man touches is tainted by evil motive and intent. Citizens of Maricopa County, whether you live in Pearce's Mesa district or not, have a moral obligation and duty to defeat this malignant cancer and to remove him from the Arizona Legislature. Volunteer to walk and knock on doors to speak to his constituents, make phone calls, put up yard signs, march in opposition, and give money until it hurts. Make it your mission this year to defeat this malignant cancer.

To work for Pearce's Democratic opponent:

CONTACT INFORMATION
Robert H. McDonald Jr.
McDonald for Senate
519 N. Lesueur St.
Mesa, Arizona 85203
Cell: 480-406-0559
Mcdonaldforld18senate@gmail.com