Arizona Cash Advance Laws & Regulations
As of June 30, 2010, the payday loan industry in Arizona was virtually removed from the entire state. The Arizona legislature passed usury and small loan regulations that capped interest rates and loan fees--consumer loans with annual interest rates over 36% were declared illegal as of July 1, 2010. Lenders are also required to obtain licensing from the state, which involves fulfilling licensing requirements like paying fees and meeting state lender standards. These new laws, while intended to protect consumers, have had a chilling effect on the payday loan industry.
As of January 2012, no further regulatory reforms have been instituted by the Arizona legislature, but consumers should check back with CashAdvance.com regularly for updates. In the chart below, consumers will find the most up-to-date requirements for obtaining a small private loan.
Here are some specific Arizona regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
N/A - Maximum Finance Charges and Fees
Small Loans Capped at 36% total APR plus limited fees - Maximum Loan Amount
N/A - Number of Rollovers
None - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
$25 NSF fee and late fees - Presentment Limit
N/A - Private Right of Action
Civil - Military Protection
None - Penalties
Arbitration and attorney fees
References:
Office of the Arizona Attorney General
1275 West Washington Street
Phoenix, AZ 85007-2926
Phone: (602) 542-5025
Web: http://www.azag.gov
More Information about Arizona
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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