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  AZ-2008-Proposition 200 (Payday Loan Reform Act)
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Parents > United States > Arizona > Propositions > 2008 Propositions > AZ-2008-Proposition 200 (Payday Loan Reform Act)
OfficeInitiative
Type Referendum
Filing Deadline July 05, 2008 - 11:00am Central
Polls Open November 04, 2008 - 07:00am Central
Polls Close November 04, 2008 - 08:00pm Central
Term Start January 01, 2009 - 12:00am
Term End January 01, 9999 - 12:00am
Turnout 62.47% Registered 36.47% Total Population
ContributorThomas Walker
Last Modifiededdy 9_99 November 08, 2008 01:54pm
Data Sources
Description
PROPOSITION 200
OFFICIAL TITLE
AN INITIATIVE MEASURE
PAYDAY LOAN REFORM ACT

TEXT OF PROPOSED AMENDMENT
BE IT ENACTED BY THE PEOPLE OF THE STATE OF ARIZONA:

Section 1. Title

This measure shall be known as the Payday Loan Reform Act.

Section 2. Purpose and Intent

The people of Arizona declare that the intent and purpose of this Act is to:

1. Reduce the cost of small dollar, short-term consumer loans;

2. Promote responsible consumer lending practices;

3. Provide consumers with borrowing options on fair terms that allow a reasonable time to repay a loan;

4. Regulate the covered products in a comprehensive and efficient manner;

5. Make clear that internet lenders are subject to the laws of this State; and,

6. Reduce the number of store-front locations in our neighborhoods.

Section 3. 6-1251, Arizona Revised Statutes is amended to read:

6-1251. Definitions

In this chapter, unless the context otherwise requires:

1. "Branch office" means any office operated by a licensee to provide deferred presentment services.

2. "Check" means a draft signed by the maker and made payable to a person that is licensed pursuant to this chapter with the name of the maker preprinted on the face of the check OR AN ELECTRONIC DEBIT AGREEMENT THAT COMPLIES WITH TITLE 44, CHAPTER 26.

3. "Deferred presentment services" means a transaction pursuant to a written agreement in which the licensee accepts a check and agrees to hold the check for at lea

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Name No Yes  
PartyNO YES  
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Uncertified Votes1,119,079 (59.81%) 752,105 (40.19%)  
Margin0 (0.00%) -366,974 (-19.61%)  
Predict Avg.0.00% 0.00%  
Cash On Hand $-- $--  
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Entry Date 00/00/0001 00/00/0001  
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