NEWS RELEASE
FOR IMMEDIATE RELEASE
Friday December 4, 2009

Who is protecting Arizonans from shady payday loans?

The shady payday-loan industry hit the headlines twice this week. First, with the news that Gov. Brewer’s top advisors are being paid by the industry to overturn the will of the voters. And second, with today’s news that Attorney General Terry Goddard has filed a lawsuit against national payday lender Quik Cash alleging deceptive business practices.

A comparison of the two elected officials’ actions makes it clear who is truly protecting Arizonans. Here’s a closer look:

Prop 200:
•Attorney General Goddard led last year’s successful opposition to Prop. 200, a payday loan industry-sponsored initiative that would have made permanent their ability to charge 390% interest rates and trap consumers in cycles of debt. Voters overwhelmingly agreed with Goddard, and the initiative was defeated 60-40% despite the industry outspending them nearly 15 to 1. (Hear 2008 radio ad: http://www.azdem.org/page/-/downloads/20081022_goddard.mp3)
•Gov. Brewer said “I don’t recall” when asked how she voted on Prop. 200. (See video: http://www.youtube.com/watch?v=3RkM0_4kqNM)

Consumer protection:
•Attorney General Goddard is fighting in court to protect consumers across the state from allegedly deceptive practices by one of the state’s largest payday lenders. (See today’s court filing: http://azdems.3cdn.net/53d95ab448a5e54225_hhm6y5l8u.pdf)
•Gov. Brewer is unconcerned that her closest political advisors, including her campaign chairman Grant Woods, and lobbyist-turned-shadow chief of staff Chuck Coughlin, are being paid by payday lenders to convince legislators to enact the same sham-reforms that voters defeated last year. “I don’t see any conflict … I don’t see a problem with it.” she said (as seen in video).