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Key Votes

SB 1316 - Establishes Flexible Credit Loans - Arizona Key Vote

Phil Lovas voted Yea (Passage With Amendment) on this Legislation.

Read statements Phil Lovas made in this general time period.


Issues Related to SB 1316

Stage Details

Legislation - Bill Passed With Amendment (House) (31-26) - (Key vote)
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Title: Establishes Flexible Credit Loans

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that authorizes flexible credit loans from payday lenders.

  • Establishes flexible credit loans, regulated by the Arizona Department of Financial Institutions (DFI) and outlines the requirements for licensure, loan plans, interest rates and finance charges (Sec. 1).

  • Authorizes a licensee to contract for and receive finance charges on a flexible credit loan, not exceeding the following, if the original principal amount is at least $500 but not more than $2,500 (Sec. 1):

    • 17% per month if unsecured; and

    • 15% per month if secured with personal property.


  • Prohibits a licensee from compounding finance charges (Sec. 1).

  • Specifies that flexible credit loan statutes do not pertain to any individual that (Sec. 1):

    • Does business under any other law of this state, or any other state while regulated by a state agency of that state, or of the United States, relating to specified financial institutions;

    • Is licensed as a pawnbroker;

    • Is not regularly engaged in the business of making flexible credit loans; or

    • Is licensed as a consumer lender or governed under the Motor Vehicles Time Sales.

Legislation - Bill Passed (Senate) (29-0) -
Legislation - Introduced (Senate) -

Title: Authorizes Flexible Credit Loans


  • John Kavanagh (AZ - R) (Out Of Office)
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