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GOP Lawmaker Proposes Capping Interest Rates On Title Loans

A Republican Arizona lawmaker is introducing legislation that would cap title loans at an annual interest rate between 24% and 36%, depending on the amount borrowed.

State Sen. David Farnsworth (R-Mesa) concedes placing limits on business is a very un-Republican proposal, but considering predatory loans can charge interest rates as high as 204%, "A lot of people are being hurt," he said. "I think we need to be responsible for everything that goes on in our state to the extent we can."

In 2008, voters chose to close payday loan businesses, but lenders found a way to continue offering the high-interest loans.

"Now they're coming back and calling it registration loans. They found a loophole," Farnsworth lamented. "That's why one of my bills ... talks about having a clear title."

That bill targets title-loans, with payday loan structures, offering money to people who do not own their vehicles outright.

It may be a moot point if lobbyists with the National Credit Alliance succeed at getting voters to pass a constitutional amendment allowing banks to charge whatever the market will bear.

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Holliday Moore is a native Arizonan and veteran journalist who joined KJZZ’s news team in January 2017.Moore graduated from Arizona State University after double majoring in mass communications and marketing/management. She spent her first two decades reporting for television news, beginning in small markets and working up to congressional correspondent in Washington, D.C., for a political news service.Family commitments in Arizona brought her back to the Southwest, where she covered legislative and court beats for Albuquerque’s KRQE-TV and the infamous Four Corner Manhunt as KREZ-TV’s managing editor.Back home in Phoenix, she developed ABC15’s “Democracy Project,” now instituted at all Scripps’ news stations nationwide. Her work garnered “Best Practices” recognition by the Poynter Institute and the prestigious Walter Cronkite Award for Excellence in Television Political Journalism.Her television reports, from sports to cultural issues, earned her multiple Emmy and Associated Press nominations, including a Rocky Mountain Emmy for her Hopi Partition Land Act coverage.As she started a family, Moore started her own media production agency, producing magazine-style travel stories for the Emmy-winning Arizona Highways Television show while working part time for a Valley radio station. She is convinced radio is where visual, sound, and print are merging through deeper storytelling. In her relatively short time with radio network affiliates, she has won four Edward R. Murrow Awards and multiple nominations from other professional news societies.Moore now teaches advanced broadcast writing to the next generation of reporters at ASU’s Walter Cronkite School of Journalism and Mass Communication, where a high percentage have gone on to receive national awards for their work in her class. She enjoys being back home near childhood friends and sharing the beautiful Arizona desert with her husband and young son.