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Stop Payday Loans is the initiative to sign

The AARP Arizona is doing good by reminding Arizonans to be careful about signing petitions concerning payday loans.

The organization for folks over 50 said in a press release last week that it is concerned consumers might be confused about two competing ballot initiatives.

We share AARP's concern and welcome the opportunity to help clarify the situation. We first brought attention to the potential for voter confusion in an editorial last month.

We, along with the AARP, are wholeheartedly supporting an initiative called Stop Payday Loans. The measure was written by state Rep. Marian McClure, R-Tucson, who has been fighting payday lending for years.

Stop Payday Loans would repeal the section of the law that created payday lending and make it a felony to offer a payday loan.

The state law that legalized payday lending was passed in 2000. The law is set to expire in 2010 unless voters or the Legislature take action to renew it.

The payday-loan industry, meanwhile, is pushing an initiative called the Payday Loan Reform Act. This measure would give consumers new protections when they are unable to repay a loan. However, it would also repeal the sunset clause in the law and allow payday lenders to remain in the state forever.

"The name of this initiative may confuse signers into thinking that predatory lenders are moving in a positive direction," said AARP Arizona Advocacy Director Lupe Solis. "AARP considers this initiative to be an industry ploy. Its only purpose is to ensure their continuation, which right now is scheduled to end in 2010."

Backers of both initiatives are in the process of collecting the 153,365 valid signatures necessary to make it onto the November ballot.

If you're handed a petition, remember to keep it simple and support Stop Payday Loans. If it says something else, politely decline to sign.