PHOENIX -- The Arizona Credit Union System said Thursday itexpects to have representation at a noon rally today on the statecapitol grounds highlighted by a new call by state Attorney GeneralTerry Goddard to defeat a ballot measure aiding the paydayindustry.
|The league said it plans to have CU leaders present at the rallysponsored by Arizonans for Responsible Lending urging a no vote onProp 200 labeled by the attorney general as "deceitful" legislationenabling predatory loan rates of 400% or more in 2010.
|Goddard, a Democrat, said he hopes Arizona voters will "seethrough the smoke and mirrors of a business based on deception" toreject the Nov. 4 ballot referendum pursued by the payday lobbyunder a $12 million saturation TV ad campaign touting Prop 200 as a"measure to reform the payday industry."
|As part of the anti-Prop 200 campaign, also joined by AARP andconsumer groups, radio ads began appearing on five Phoenix andTucson stations featuring Goddard's anti-Prop 200 comments.
|At the rally Goddard has said he expects to expose Prop 200 as"an industry-written measure with no real reform and theunfortunate impact of canceling the coming expiration of a 2000 lawthat allows payday firms" to charge the predatory rates above a 36%limit.
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