Within the March 5 edition associated with the Arizona Capitol occasions, three associated with the stateвЂ™s chambers of business went a full-page advertisement on web page 2 giving support to the вЂњshort-term customer funding industry,вЂќ or in English, the payday lenders.
Within the advertisement, they drag out of the old chatting point about вЂњreasonable legislationвЂќ and end using the admonishment, вЂњSupport Payday Loan Reform!вЂќ Where have we heard that certain before?
Any one of us have been around throughout the Proposition 200 battle in 2008 are aware of this industryвЂ™s expensive taste to promote and free relationship because of the truth.
WhatвЂ™s interesting may be the messenger.
The higher Phoenix Chamber of Commerce is among the combined groups called within the advertising. When you look at the Prop. 200 debate, the Phoenix Chamber took a position that is clear the payday lendersвЂ™ measure, stating that it can have produced a voter-protected unique deal for starters industry. Why now will they be arguing for overturning the might for the voters so that you can protect a special deal for only one industry?
What makes they unexpectedly supporting a measure that undermines the free market by offering unique protected status to payday loan providers?
Just proceed with the cash.
Following the payday lendersвЂ™ ballot measure had been overwhelmingly defeated in 2008, they decided which they should join the better Phoenix Chamber of Commerce вЂ“ after almost a decade of operating in Maricopa County without having to be people. Interesting timing.
Now, cash advance shops make up the Phoenix ChamberвЂ™s membership group that is largest.