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The exemption ended up being planned to sunset in July 2010, of which time lenders that are payday simply be in a position to charge a 36 % APR.

Table1. Prices on pay day loans and Regulations to manage Payday Lending

State Interest Rate+ reputation of Meaningful Legislation to manage Payday Lending
Arizona 36 percent* Has eradicated the Payday Debt Trap Through APR Limits
California 426 % No regulation that is meaningful of Lending
Colorado 214 per cent Has Implemented Reforms that Limit but Do perhaps not eradicate the Payday Lending Debt Trap
Nevada 521 per cent No significant legislation of Payday Lending
brand brand brand brand brand New Mexico 564 % No significant legislation of Payday Lending
Texas 417 per cent No significant legislation of Payday Lending
Utah 443 % No significant legislation of Payday Lending

+ Source: Center for Responsible Lending

* In June 2000, Arizona legalized payday financing by passing an exemption towards the state??™s rate of interest limit on tiny loans. More…