- Associated Press - Wednesday, March 4, 2015

PHOENIX (AP) - The Arizona House has scheduled a vote on a bill allowing payday lenders barred from operating in the state under a 2008 voter initiative to offer a new loan product.

Wednesday’s planned vote on Republican Rep. J.D. Mesnard’s proposal comes after a heated House debate on the proposal last week.

Democrats argued voters wanted high-interest rate loans barred from the state when they rejected payday lenders. Rep. Debbie McCune Davis is the leading opponent and says House Bill 2611 gives “predatory lenders” the OK to return to Arizona.

Mesnard says the new loans give people with bad credit an option to borrow when they have unexpected expenses. He said not allowing the new “flex loans” because some people might take on too much debt is bad public policy.



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