Payday loan reforms may be on November ballot

Arizonans may get to vote in November on regulations for the payday loan industry in Arizona.

A group called Arizonans for Financial Reform on Monday filed 265,953 signatures with the Arizona Secretary of State's Office in an effort to get the measure on the ballot. At least 153,365 signatures must be deemed valid to qualify for the ballot.

Stan Barnes, a spokesman for the Payday Loan Reform Act, said reforms are needed and will be supported by voters.

``This act will benefit Arizona consumers by reducing the expense of a payday loan, ending costly loan extensions and creating a free repayment plan for those consumers who cannot meet their obligations," Barnes said. ``It is substantive reform that preserves this simple, convenience and less costly financial option for those consumers who wish to choose it."

The changes, if approved by voters, will rein in unregulated internet lenders and lead to fewer payday loan stores in Arizona, Barnes added.

He noted that polls show 80 percent of Arizona voters want reforms in the payday loan industry, but that a vast majority want to reform it instead of ban it.