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Short Term Consumer Financing issue: Payday loans are a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a check. In Arizona, the payday loan industry will cease to exist on July 1, 2010. If passed by the legislature and signed by the Governor, HB 2161 (http://www.azleg.gov/legtext/49leg/2r/bills/hb2161p.pdf) allows the industry to continue operating in this state with additional regulations related to licensing, fees, repayment plans, and database tracking. On Friday, January 22, 2010, former Attorney General Grant Woods presented information in support of HB 2161. Senator Debbie McCune Davis presented information in opposition to HB 2161 Here is a PDF of the Short-Term Consumer Finance Reform Summary Draft
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