PHOENIX — Arizona credit unions, in league with the state attorney general and consumer groups, are hoping to defeat a well-financed referendum on the November ballot aimed at enacting new payday legislation.
Passage of the proposed Payday Loan Reform Act on the Nov. 4 ballot has been called "deceitful" by opponents because of its debt provisions and a clause that frees the payday firms from lawmaker review in charging predatory rates.
In an e-mail blitz rousing its members, the Arizona Credit Union League said it is "weighing in on Proposition 200–the Payday Loan Reform Act–by urging the 1.6 million credit union members statewide to vote no" on the proposition.
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