Thursday, July 1, 2010

Operation Sunset - No body count, just dead jobs

Operation Sunset places a rate cap on short-term loans that will in the future drive those lenders out of business and out of the state. However, it was reported by the Tucson Citizen that Arizona Attorney General Terry Goddard is prepared to mount a massive offensive against the supposedly heinous crimes of purveyors of easy personal loans. Part of that offensive is an information campaign informing Arizona citizens what is going to happen after Operation Sunset takes effect on July 1, 2010.

Article Resource: Operation Sunset – No body count, just dead jobs by Personal Money Store

There was no surprise from operation sunset

Think about the phrase "operation sunset". According to Wikipedia, the most popular use of the term refers to a bloody offensive during the Eritrean–Ethiopian War (1998-2000) where Ethiopia liberated the key town of Badme. Thousands of lives were lost during that war, making it the more disgusting that Arizona lawmakers chose to call the end of easy personal loans in their state “Operation Sunset.”

The sun always sets, and Operation Sunset has been waiting in the wings for some time. Despite opposition from the check cash advance industry and also from the consumers who wanted to make their own financial decisions rather than being spoon fed by the government as if they were John McCain on a bad day at Shady Pines, Operation Sunset will commence. ”Consumer loans with annual interest rates over 36 percent (plus authorized fees) will be illegal as of July 1, 2010,” says the Attorney General’s office. Consumers with outstanding balances on some of their fast personal loans will “probably not” be able to ignore those charges as of July 1, says the AG. Yet the Attorney General who equates the end of easy personal loans in Arizona with a campaign from a bloody African war does not go into detail on their informative website as to what “probably not” means. What is clear, however, is that amounts due cannot be rolled over into othe! r loans during the Operation Sunset campaign. Rollover isn't a good idea.

Blow whistleblowers

Reputable check cash advance companies abide by the laws of the land regarding their products. However, Goddard advises consumers via the Tucson Citizen that if they see stray businesses continuing to offer the same products that were outlawed by Operation Sunset, they should inform the Operation Sunset Enforcement Team. They can be contacted at operationsunset@azag.gov and (866) 879-5219 (866) 879-5219 (866) 879-5219, or by writing to: Arizona Attorney General's Office of Consumer Complaints, 1275 W. Washington St., Phoenix, AZ 85007.

The beloved check cash advance cry

Consumers can look on the AG’s website to find out which lenders currently licensed in Arizona. {In the event that credit counseling is necessary for consumers who have overextended themselves, they can call (202) 514-4100 or choose an agency licensed by the U.S. Trustee|In the event that credit counseling needed, they can call (202) 514-4100 or choose an agency licensed by the U.S. Trustee|In the event that credit counseling is necessary for any of those consumers who have overextended themselves, they can call (202) 514-4100 or choose an agency licensed by the U.S. Trustee.

Read more on this topic here

Wikipedia

en.wikipedia.org/wiki/Eritrean%E2%80%93Ethiopian_War

Tucson Citizen

tucsoncitizen.com/hot-off-the-press-release/2010/06/23/ag-answers-questions-about-payday-loan-law-sunsetting-next-week/

Arizona AG on Operation Sunset:

youtube.com/watch?v=hhKKqSt0mCE



No comments:

Post a Comment