Arizona Financial Choice Association: New Legislation Would Give Arizonans More Financial Freedom and Middle Class More Options For Upward Mobility

PHOENIX, Feb. 17, 2015 /PRNewswire/ -- Arizona House Bill 2611 permits Arizonans to have more borrowing options. 38 states including California, Nevada, Colorado, New Mexico, Texas, and Utah have a much more competitive small loan market than Arizona.

Smaller loans under $3000 are often needed for health care, car repair, and other needs of the middle class, as this group is being increasingly squeezed following the "Great Recession." But such loans are very limited in Arizona. HB 2611 would provide a critical financial choice for Arizonans that banks won't handle. 

This is NOT "payday lending." That has been outlawed in Arizona. This is a reform that empowers those with lower credit scores to better manage their financial choices -- and there is a need for such reform.

According to the Arizona Financial Choice Association (AFCA), financial companies operating in Arizona have been hearing from customers who are calling for such reform. The need for such reform is greater than ever after the Great Recession left many with lower credit scores. Professional nationwide research shows that the market has doubled in size in the past six years from approximately 35 million Americans to 70 million.

The members of AFCA employ more than 1,200 Arizonans at more than 90 locations statewide and offer a variety of consumer finance products.

And, under this legislation performance on such loans can be reported to credit agencies allowing individuals to actually rebuild their credit profile. 

This bill prevents fraud and provides protection for consumers. Those struggling with credit, who are in need of a loan, often turn to unregulated and illegal online lenders who frequently operate in an untraceable manner and are off-shore. These lenders charge customers interest rates well beyond the legally prescribed amounts. HB 2611 would protect consumers by providing them with access to a highly licensed, regulated, and accountable industry.

Efforts in Arizona have the support of The Arizona Free Enterprise Club because the legislation will produce hundreds, even thousands, of new financial sector jobs and indirect support jobs.

Contact:
Michael Anthony Scerbo
Email: [email protected]
Cell: 602 615 6523

SOURCE Arizona Financial Choice Association