Arizona House Panel OKs New Consumer Loan

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00020182-arizona-house-panel-oks-new-consumer-loan/

By Howard Fischer, Capitol Media Services

A House panel agreed Monday to let lenders offer a new type of consumer loan in Arizona — one with an interest rate of up to 180 percent.

The 6-2 vote by the House Committee on Financial Institutions and Insurance came after Rep. Marian McClure, R-Tucson, an opponent of previous versions of the bill, said she is now satisfied that consumer rights will be protected.

“The interest rates are a little high,” said McClure. But she said that those with no credit history or poor credit “do have to pay more until you establish good credit.”

For this complete story, please visit Arizona House Panel OKs New Consumer Loan.