PHOENIX -- The payday loan lobby yesterday took a licking onballot issues in both Arizona and Ohio.
With financial help from the Arizona Credit Union System,Proposition 200 which would have lifted predatory rates to levelsfavored by the payday shops by gutting an existing sunset law, wasdefeated by a wide margin.
Gov. Janet Napolitano and Attorney General Terry Goddard, bothDemocrats, joined CUs and the North Carolina-based Center forResponsible Lending in pushing hard for its defeat describing theproposition as "deceitful legislation" in allowing the payday firmsto claim it as a "reform measure to clean up the industry."
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