Arizona idea 200, also referred to as the pay day loan Reform work, is from the November ballot in Arizona being a citizen-initiated amendment that is constitutional. It had been beaten.
The payday-loan effort ended up being mainly supported by the payday-loan company when you look at the continuing state, and is less limiting compared to the avoid Payday Loans effort, sponsored by Rep. Marion McClure, D-30, and Sen. Debbie McCune Davis, D-14. That measure was withdrawn in early June whenever maybe not sufficient signatures had been being accumulated to qualify it for the ballot. 
Text regarding the effort
The 100-word definition filed with all the Arizona Secretary of State's workplace because of this initiated state statute reads:
Arizonans incorporate payday lending service each and every day to satisfy unforeseen costs and emergencies that are financial. The payday financing markets is scheduled become eradicated in addition to Arizona Legislature will not enact reforms to profit borrowers while preserving this essential monetary choice. This measure provides dramatic reform that is pro-consumer payday financing and protect customer preference. It offers a significant price cut, removes rolling-over major to extend that loan, creates a payment arrange free of charge to clients that can not satisfy their responsibilities, and inhibits a borrower's capacity to get one or more loan at any given time.