PHOENIX -- The payday loan lobby yesterday took a licking on ballot issues in both Arizona and Ohio.
With financial help from the Arizona Credit Union System, Proposition 200 which would have lifted predatory rates to levels favored by the payday shops by gutting an existing sunset law, was defeated by a wide margin.
Gov. Janet Napolitano and Attorney General Terry Goddard, both Democrats, joined CUs and the North Carolina-based Center for Responsible Lending in pushing hard for its defeat describing the proposition as "deceitful legislation" in allowing the payday firms to claim it as a "reform measure to clean up the industry."
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