By June 30 Arizona could be joining states banning or restricting payday loan operations with credit unions playing a role in joining the cause.
Among CU sources, the forecast is that the state legislature will abide by a 2008 antipayday referendum and shelve a bill still circulating in the House and Senate to overturn a sunset statute enabling payday firms to continue offering the controversial high-rate products.
"It's never over until the legislature adjourns and that might not be until May, but many people are now saying the firms will be out of the lending business and converting their outlets to pawn shops, check cashers, auto title and whatever else they can come up with," said Austin DeBey, vice president of governmental affairs for the Arizona Credit Union League.
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