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In the News | Campaign Press Releases

July 9, 2010

Advance America Announces Decision to Cease Operations in Arizona

Press Release from Advance America, the nation’s largest payday loan chain:
SPARTANBURG, S.C., July 8, 2010 /PRNewswire –
Advance America, Cash Advance Centers, Inc. (NYSE: AEA), announced today its intention to cease operations in its 47 centers in Arizona. The decision to cease operations comes after the existing law permitting cash advances in Arizona [...]

June 29, 2010

AZ Payday Loans End After Tomorrow

Public News Service reports:
PHOENIX – Payday loans with interest rates topping 400 percent become illegal in Arizona at midnight Wednesday, after voters rejected a 2008 ballot measure to extend the industry’s 10-year authorization to operate.
State Senator Debbie McCune-Davis of Phoenix helped defeat last-ditch efforts to reverse the election results in the [...]

June 29, 2010

Sun sets on payday lenders

Kingman Daily Miner reports:
Some stores will offer different services
KINGMAN – The clock is ticking for payday loan businesses in Kingman. With less than 48 hours to go before the law allowing them to do business expires, payday loan stores, both big and small, are preparing for a seismic shift in their business [...]

June 29, 2010

Payday lending expires in Ariz. on Thursday

Arizona Daily Star reports:

Payday lenders charging interest rates higher than 400 percent will no longer be allowed to operate in Arizona after a 10-year-old law expires Thursday.
Lending companies failed to persuade voters or the Legislature to extend the provision allowing the high interest loans.
Attorney General Terry Goddard and consumer groups say the expiration of the [...]

June 27, 2010

Industry shifting to new services as payday lending becomes illegal

Arizona Daily Star Sunday Front Page:

With the law allowing payday loans about to expire, shops across Tucson that offer them are now emphasizing auto-title loans, and check-cashing and money wiring services.
Meanwhile, consumer watchdogs are keeping an eye out to ensure new methods don’t emerge that ensnare individuals in new spirals of debt.
Payday lenders operated under [...]

June 27, 2010

Payday lenders calling it quits; some may offer auto-title loans

Arizona Republic reports:
The boom era for Arizona payday lenders, which offered quick, easy cash but charged extremely high interest rates, is coming to a close.
Starting Thursday, the state no longer will allow payday-loan operators to set interest rates as high as 460 percent annually. A 10-year-old law that allowed them to [...]

June 25, 2010