PHOENIX, Oct. 23 /-USNewswire/ -- Don't let loan sharks write Arizona laws, say opponents of Prop 200.
A groundswell of opposition against the ballot measure from citizens, advocacy groups and public officials, including the Governor and the state Attorney General, suggests that the payday lending industry may be losing a battle to keep its predatory practices legal in Arizona.
The payday lending industry has spent over $12 million to write, collect signatures, and market Prop 200. A citizens ballot would bypass the state legislative system, where many policymakers have withdrawn their support for allowing payday lenders to charge 400 percent interest rates, far above the 36 percent limit, on consumer loans that trap customers in long-term debt.
Over 150 organizations have endorsed the No on 200 campaign, as have 65 elected officials and candidates, more than 50 faith leaders, and nine Arizona newspapers.
"In today's economy, the last thing we need is to force working families further into debt," said Governor Janet Napolitano. "Please join me in voting NO on Proposition 200."
Attorney General Terry Goddard joined conservative lobbyist for Arizona business owners Barry Aarons, and Senator Debbie McCune Davis at a rally on the Arizona Capitol Lawn today, encouraging grassroots supporters and members of businesses, churches and civic groups to continue their work to expose the fake reform in Prop 200.
"Protecting consumers is my top priority as your Attorney General," said Goddard. "That's why I'm asking you to vote No on Proposition 200. Prop 200 was written by the payday lenders to allow them to charge 400 percent interest. Forever. Payday lenders should not get to write their own rules."
"Those of you who know me know I come from the right side, or conservative side, of the spectrum," said Aarons. "When progressives like Terry Goddard and Debbie McCune Davis and conservatives like myself and Tom Jenney both take the same position and say you should be voting no on Proposition 200, that makes a major statement of why this is not in the best interest."
Senator Debbie McCune Davis has worked across party lines with public officials who have recognized the harm payday lending has done in Arizona since they were exempted from the state's 36 percent cap in 2000.
"These out-of-state companies are stripping $150 million per year from our economy," said Senator McCune Davis. "These are dollars that should be going to basic needs and helping us recover from shortfalls all around. Voters should not hesitate to vote No on Prop 200."
Ken Clark, former legislators and manager of the No on 200 campaign, called on volunteers to help spread the word.
"In the most cynical ploy I've seen to date, the payday lenders are now attacking themselves in their TV ads -- then telling people to vote the wrong way," said Clark. "If that doesn't show them for the morally bankrupt business they are, I don't know what does. We just have to make sure people know that 'No' is the only way to go on Prop 200."
For more information, see http://www.200isnoreform.com
Paid for by Arizonans for Responsible Lending, No on 200
Senator Debbie McCune Davis, Chair
Major Funding by UFCW Local 99, Phoenix
