PHOENIX, Aug. 25 /PRNewswire-USNewswire/ -- Superior Court Judge Sam Myers will meet with Arizonans for Responsible Lending, No on 200 and representatives of the Office of the Secretary of State of Arizona this afternoon to consider an emergency hearing reviewing the descriptive language that will appear on a ballot measure in November. The group filed a lawsuit naming Arizona Secretary of State Janice Brewer on Friday, arguing that voters will not know what they are voting on if the language stands.

"It is unthinkable that this measure would go on the ballot without voters knowing they're choosing between, A, legalizing 400 percent interest rates for payday lenders permanently, and B, bringing them back under the 36 percent interest rate that already applies to other lenders in Arizona," said Senator Debbie McCune Davis, chair of Arizonans for Responsible Lending, No on 200. "We have learned that legalizing loansharking in this state was a mistake, and this is a chance for voters to put a stop to it... if they know what they're voting for."

The Secretary of State refused to voluntarily revise the language in response to last Thursday's request from the coalition, which is working to correct the critical omission before voter pamphlets go to print August 28. But at the same time, the Secretary of State filed her own lawsuit naming the Attorney General over the descriptive language on the gay marriage ban ballot proposal, belying the fact that there is not time to make the change.

"It's a crucial point that voters must know when they vote in November," said Ken Clark, campaign manager for Arizonans for Responsible Lending, No on 200. "They should also know that an industry based out of state, an industry whose revenues depend on trapping voters in 400 percent loans, has spent nearly $9 million so far on a campaign to deceive voters on the matter of this interest rate. And it's only August."

"Payday lenders will be legally allowed to operate in Arizona after the interest rate exemption expires in 2010 as long as they keep their interest rates under 36 percent, as other lenders already must do, or they can close up shop if they can't survive on that - the choice is theirs," said Senator McCune Davis. "The point is, 400 percent interest rates must end, voters should reject Prop 200, and the Secretary of State has a responsibility to let voters know exactly what that measure would do."

Arizonans for Responsible Lending, No on 200 (200IsNoReform.com), represents dozens of organizations who are urging their members to vote "no" on Prop 200. The members, which include Arizona AARP, the Greater Phoenix Chamber of Commerce, Valley of the Sun United Way, Children's Action Alliance, and a number of faith-based organizations, contend that Prop 200 is no reform at all and will in fact sabotage the state's coming opportunity to roll payday lenders back under the state's 36 percent interest rate cap on July 1, 2010.

Under current law, Arizona payday lenders will lose their special privilege to charge 400 percent interest in 2010. At 400 percent interest, the typical payday borrower pays more in interest than the amount borrowed.

If the ballot measure does not pass, Governor Napolitano has said she will not sign any future bill that would extend the payday lenders exemption from the usury cap, so the 36 percent cap would take effect in 2010 as scheduled.

Paid for by Arizonans for Responsible Lending, No on 200. Senator Debbie McCune Davis, Chair

Major Funding by United Food and Commercial Workers Local 99, Phoenix AZ, Center for Responsible Lending, Durham NC, Service Employees International Union, Washington DC, and Strategic Issues Management Group, Tucson AZ; Additional Support from Arizona AARP

www.200isNoReform.com * (602) 561-5881

Source: Arizonans for Responsible Lending, No on 200

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