AARP joins those urging state senate’s rejection of HB 2526 - Ahwatukee Foothills News: Community Notes

AARP joins those urging state senate’s rejection of HB 2526

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Posted: Monday, March 24, 2014 3:45 pm

AARP joins State Sen. Steve Farley and State Rep. Debbie McCune Davis in urging the State Senate Finance Committee to reject Consumer Lender Loan HB 2526. Partnering organizations include the Southwest Center for Economic Integrity, Morris Institute for Justice, Citizens for a Better Arizona and the Arizona Community Action Association.

AARP opposes HB 2526 because it would allow loans as large as $3,000 to carry an annual interest rate of 36 percent, plus a 5 percent origination fee of up to $150 (more than double what is currently permitted). In addition, HB 2526 does not establish underwriting standards to assess whether a borrower can repay their loan.

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