By Howard Fischer | Capitol Media Services via Arizona Capitol Times
Calling it a “stand against socialism,” a proposed constitutional amendment would give banks, finance companies and other lenders free rein to charge whatever interest rates they want to Arizona customers.
The initiative being pushed by the National Credit Alliance would overturn virtually all laws that now limit annual interest charges to 36 percent.
“I think that’s a market decision,” said Sean Noble, the campaign manager of the ballot measure. “If you can find somebody to give you a lower interest rate than somebody else, then that should be a competitive marketplace.”
If approved at the 2020 election it also would override another ballot proposal to cap interest rates on title loans.
But the measure would have much more far reaching implications.
