Australian Electoral Commission
Australian Electoral Commission
Proponents of a bid to limit the high interest rates charged on auto-title loans have stepped down because they weren’t able to raise the necessary cash to get and keep the proposal on the November ballot.
According to Rodd McLeod, the campaign consultant for Arizonans for Fair Lending, federal courts’ rejection to cancel a law on petition signatures has increased costs so much that supporters are no longer able and willing to fund the drive.
McLeod told Capitol Media Services that without that money, it indeed makes no sense to continue to collect signatures.
The initiative wanted voters to cut out the exemption that the industry now uses. State law limits allowable interest up to 36 percent annually. Today’s title loans can have an annual percentage rate up to 204 percent.
Supporters needed to garner 237,645 valid signatures by July 2, which would have placed the issue on the general election ballot.
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