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PHOENIX — A Mesa GOP lawmaker is proposing just what he concedes is a tremendously un-Republican thing. Sen. David Farnsworth has introduced two bills to cap the attention price which can be charged by name loan providers at 36per cent. That compares with prices that operate up to 17percent per month.
Farnsworth additionally would like to shut just exactly just what he states is just a loophole in legislation which allows visitors to actually borrow without having a name for their car, a practice he says hearkens back into the now prohibited practice of pay day loans. [Read more…] about Arizona lawmaker proposes limitations on rates of interest by name loan providers