Category Archives: State Legislative Updates

*State Veterans Legislative Update: 4 May 2016: I’m Asking for Your Vote

While SB 1316 S/E was put on the Senate agenda today with less than about an hour’s notice, it didn’t come up for a vote, possibly because the sponsor was unable to line up enough votes to pass it (and pulled it from the agenda?) possibly do in part to our petitioning. If it comes up again tomorrow and passes in the Senate at a session that is scheduled to get started at 0830, it will then go to the House for a final vote 

 

Please consider sending the abbreviated draft message at the end of this Email to all Arizona State Senators and Representatives this evening or early tomorrow to again remind them of our concern.

 

NOTE: The draft message has a the very long internet link :  http://www.calculator.net/amortization-calculator.html?cloanamount=2500&cloanterm=1.5&cinterestrate=156&printit=0&x=70&y=13  that  may appear in two parts in a reduced screen view as it may also appear in your view now. So be advised that it is one continuous link with no spaces. You can click on any portion of the link

 

Email addresses with Semi-colons for members of the Arizona Senate:

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];

 

Senate Addresses With Commas:                                                                                                              

 

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],

 

 

Email addresses with Semi-colons for members of the Arizona House of Representatives:

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];  [email protected][email protected];  [email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];

 

 

House Addresses With Commas:
[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected],, [email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],

 

 

               You might want to print this Email now to have the instructions below 

                                     available to facilitate using this process.

Guidance for processing and sending your Email(s).

When you are ready to forward the Message at the end of this text to all State Legislators:

 

  1. Click on “Forward”from this message. (Note: Clicking on “Forward” does not send the message. It only sets it up to complete the processes below before hitting “Send”).
  2. Then delete all of the Subject line in your new message except for: ‘ I’m Asking for Your Vote ‘
  3. Edit the message that appears just below the blue line below if desired, and enter your name (and retired Rank if you are a Military Retiree) after the word ‘Respectfully‘. Enter your address if desired, but that might tend to make some Legislators or their staff to delete your message before they read it if you are not a constituent. Consider just adding something like ”Concerned Arizona Veteran” or other phrase of your choosing after your name.  If you are a constituent of one of the Legislators, in addition to sending this Email to all of them, please consider calling their offices with your concerns. Go to or click on www.azleg.govhere. At that site, click on ‘Senate’ or ‘House’ and then on ‘Members’ on the drop down menu) to find their phone numbers.
  4. Copy the above Email addresses with Semi-colons (e.g., high light the addresses of all 30 Senators and then hit ‘Ctrl’ and ‘C’ simultaneously), and paste it on the Bcc: line (put your cursor on the Bcc:line of your new message and then hit ‘Ctrl’ and ‘V’  simultaneously. Then repeat the process in the same message or in a separate message for the State Representatives

NOTE:

If you have problems with your system not allowing so many address at one time, break the groups down into two or more groups for use in sending the messages.

And if your system rejects the use of Semi-colons separating the addresses, follow the above process using the groups of addresses separated by Commas as shown above.

  1. Now High Light the blue line shown below (place your curser just below the blue line) press down and sweep upward acrosseverything above it.
  2. Then hit “Delete” on your keyboard . That will leave just the Draft Messageand your name that now appears below the blue line as the text of your new Email.
  3. 7.Then when you feel comfortable that you have completed all the steps correctly, and have added your nameat the end of the message, you can hit “Send” to send your Email.

 

Draft Message

 

 

Dear State Legislator,

 

With no vote on SB 1316 S/E today (4 May) in the Senate, even though it was on a Final Reading Calendar, I again ask why you are planning to vote for SB1316 S/E if that is what you are planning to do in the Senate when and if it comes up again, or in the House if it gets there. And may thanks if you are planning to vote against SB 1316 S/E. Here are the main reasons why I am asking for your vote against SB1316 S/E, and encouraging you to ask your colleagues to do the same.

 

Changing the term for a loan from 24 months to 18 months and reducing the interest rate by a mere 2% per month, from 17% per month to 15% per month (180% APR) on an unsecured loan and from15% to 13% per month (156% APR) on a secured loan results in interest payments over the term of the loans that is unconscionable. That, for example, is nearly $4900 interest on an unsecured $2500 loan at 180% APR. That’s enough in itself to Vote NO on SB 1316 S/E when and if it comes up in a Final Reading.

 

Supporting SB 1316 S/E “Because it’s the right thing to do”, according to some of the leadership is not a suitable answerand makes one wonder why they are doing so. And it makes one curious as to why so many who are currently planning to vote for this bill have been so reluctant to speak out in support for the Bill,. Please vote your conscience and don’t let your name appear as one of those supporters of this predatory lending Billand encourage your colleagues to do the same.

 

Again, to enable you to see firsthand the usurious nature of these loans, below is a link where you can quickly and easily produce a ‘Monthly Amortization Schedule’ for any sized loan offered under this proposed amendment to SB 1316 S/E. They will all show that the total of the payments under the terms of this Bill will be nearly three times the amount of any size unsecured loan. Click on this link or copy and paste this link in your browser:

 

http://www.calculator.net/amortization-calculator.html?cloanamount=2500&cloanterm=1.5&cinterestrate=156&printit=0&x=70&y=13

 

At that site, enter the “Loan Amount”, e.g., $2500; the “Loan Term” in years, e.g., 1.5, and the “Interest Rate (APR)”, e.g., !80% APR (15% interest per month times 12 months) for an unsecured loan. Then click on “Calculate” to see the “Monthly Pay”, e.g., the $407.97 monthly payment (that remains constant over the term of the loan) shown in the upper right hand corner of the screen. And at the location you will also see the “Total of 18 Loan Payments”, e. g., $7,343.38, and the “Total Interest” paid over the term of the loan, e.g., $4,843.38. Then scroll down to see the “Monthly Amortization Schedule” where you will see the monthly details, including the minimal first month principle payment that will have been automatically determined to be $32.97 vs. the $10.05 that you may recall (or can calculate at this link) was determined for a $2500 loan over 24 months at 17% interest per month (204% APR) that was authorized in the original Bill. And as usual, these disturbing details are not revealed in the text of amendment.  

 

Respectfully,

 

 

 

 

 

 

*State Veterans Legislative Update 24 April 2016: Your Help is Needed

An amendment to SB 1316 S/E has been introduced as a last ditch effort by the sponsor and predatory lending industry get it through the Senate, and House if it passes in the Senate, and possibly to the Governor for signature this week

 

Please consider sending the draft message at the end of this Email to all Arizona State Senators and Representatives this weekend to give them a heads up as to what is really happening on this issue.

 

NOTE: The draft message has a the very long internet link :  http://www.calculator.net/amortization-calculator.html?cloanamount=2500&cloanterm=1.5&cinterestrate=156&printit=0&x=70&y=13  that  may appear in two parts in a reduced screen view as it may also appear in your view now. So be advised that it is one continuous link with no spaces. You can click on any portion of the link

 

Email addresses with Semi-colons for members of the Arizona Senate:

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];

 

Senate Addresses With Commas:                                                                                                              

 

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],

 

 

Email addresses with Semi-colons for members of the Arizona House of Representatives:

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];  [email protected][email protected];  [email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];

 

 

House Addresses With Commas:
[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected],, [email protected][email protected][email protected][email protected][email protected][email protected][email protected],[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],

 

 

               You might want to print this Email now to have the instructions below 

                                     available to facilitate using this process.

Guidance for processing and sending your Email(s).

When you are ready to forward the Message at the end of this text to all State Legislators:

 

  1. Click on “Forward”from this message. (Note: Clicking on “Forward” does not send the message. It only sets it up to complete the processes below before hitting “Send”).
  2. Then delete all of the Subject line in your new message except for: ’Your Help Is Needed‘.
  3. Edit the message that appears just below the blue line below if desired, and enter your name (and retired Rank if you are a Military Retiree) after the word ‘Respectfully‘. Enter your address if desired, but that might tend to make some Legislators or their staff to delete your message before they read it if you are not a constituent. Consider just adding something like ”Concerned Arizona Veteran” or other phrase of your choosing after your name.  If you are a constituent of one of the Legislators, in addition to sending this Email to all of them, please consider calling their offices with your concerns. Go to or click on www.azleg.govhere. At that site, click on ‘Senate’ or ‘House’ and then on ‘Members’ on the drop down menu) to find their phone numbers.
  4. Copy the above Email addresses with Semi-colons (e.g., high light the addresses of all 30 Senators and then hit ‘Ctrl’ and ‘C’ simultaneously), and paste it on the Bcc: line (put your cursor on the Bcc:line of your new message and then hit ‘Ctrl’ and ‘V’  simultaneously. Then repeat the process in the same message or in a separate message for the State Representatives

NOTE:

If you have problems with your system not allowing so many address at one time, break the groups down into two or more groups for use in sending the messages.

And if your system rejects the use of Semi-colons separating the addresses, follow the above process using the groups of addresses separated by Commas as shown above.

  1. Now High Light the blue line shown below (place your curser just below the blue line) press down and sweep upward acrosseverything above it.
  2. Then hit “Delete” on your keyboard . That will leave just the Draft Messageand your name that now appears below the blue line as the text of your new Email.
  3. 7.Then when you feel comfortable that you have completed all the steps correctly, and have added your nameat the end of the message, you can hit “Send” to send your Email.

 

Draft Message

 

 

Dear State Legislator,

 

It’s time to listen to your constituents and Arizona voters who put an end to predatory lending in 2008, and ask yourself why you are planning to vote for the current SB1316 S/E amendment if that is what you are planning to do. And kudos to you if you are planning to vote against that amendment. Here are the reasons why I am asking for your vote against the amendment, and encouraging you to ask your colleagues to do the same.

 

The new amendment to the SB 1316 S/E predatory lending Bill appears to be merely a token effort to try to influence some who have been opposed to the SB 1316 S/E Bill to now consider supporting it. Changing the term for a loan from 24 months to 18 months and reducing the monthly interest rate by a mere 2% per month, from 17% per month to 15% per month (180% APR) on an unsecured loan and from15% per month to 13% per month (156% APR) on a secured loan results in interest payments over the term of the loans that are still unconscionable. That, for example, would be nearly $4900 in interest on an unsecured $2500 loan. And starting off with a first month principle payment of $32.97 vs. the $10.05 payment under the original Bill, it’s even more of a burden on the borrower because of the impact it has on the amount of the monthly loan payments that remain constant over the full term of the loan. 

 

The amendment also calls for a cap of ten million dollars on a fund to be collected from lenders over 10 years. That money would benevolently provide a ‘Community Development Service Fund’ that the Governor’s “Office for Children, Youth and Families” would use to provide grants to eligible charitable organizations. The grants would be available to provide low interest or zero-interest loans, emergency funds, credit counseling, etc. However, the amendment does not specify the amount of each company’s annual profits that they would be assessed, nor does it specify any minimum amount they would have to pay annually. It appears to be merely a veiled attempt to gain additional support for this Bill, including potential support from charitable organizations (which won’t happen). And even at the ten million cap across all lenders over ten years, it would be a mere drop in the bucket of the predatory lending industry’s expectations of millions of dollars in profits annually from loans to Arizona’s financially distressed. This is all unconscionable, and shows how desperate the usurious predatory lending industry is to get a foothold in Arizona. It’s disturbing to see those who are the major proponents being as adamant as they are about this issue, and it makes one wonder why they have been doing so, and “Because it’s the right thing to do” is not the correct answer. It also makes one curious as to why so many who are currently planning to vote for this bill have been so reluctant to speak out in support for the Bill,. Please vote your conscience and don’t let your name appear as one of those supporters of this predatory lending Bill and proposed amendment.

 

Please follow the lead of Senator Kinberly Yee and Senator Gail Griffin and Republican and Democrat colleagues in nonpartisan opposition to this amendment to SB 1316 S/E, and encourage your colleagues to do the same.

 

And below is a link where you can quickly and easily produce a ‘Monthly Amortization Schedule’ for any sized loan offered under this proposed amendment to SB 1316 S/E. They will show that the total of the payments over the term of a loan will be nearly three times the amount of any size unsecured loan. Click on it or copy and paste this link in your browser:

 

http://www.calculator.net/amortization-calculator.html?cloanamount=2500&cloanterm=1.5&cinterestrate=156&printit=0&x=70&y=13

 

At that site, enter the “Loan Amount”, e.g., $2500; the “Loan Term” in years, e.g., 1.5, and the “Interest Rate (APR)”, e.g., !80% APR (15% interest per month times 12 months) for an unsecured loan. Then click on “Calculate” to see the “Monthly Pay”, e.g., the $407.97 monthly payment (that remains constant over the term of the loan) shown in the upper right hand corner of the screen. And at the location you will also see the “Total of 18 Loan Payments”, e. g., $7,343.38, and the “Total Interest” paid over the term of the loan, e.g., $4,843.38. Then scroll down to see the “Monthly Amortization Schedule” where you will see the monthly details, including the minimal first month principle payment that will have been automatically determined to be $32.97 vs. the $10.05 that you may recall (or can calculate at this link) was determined for a $2500 loan over 24 months at 17% interest per month (204% APR) that was authorized in the original Bill. And as usual, these disturbing details are not revealed in the text of amendment.  

 

Respectfully,

 

 

 

 

 

*State Veterans Legislative Update 18 April 2016: We need your help again

Subject for use on the Email to be forwarded:  We need your help again

 

SB 1316 S/E is scheduled for a hearing in a Senate Caucus tomorrow 19 April before a Senate Committee of the Whole (COW and final vote before the end of this Legislative Session later this week or next week in hope for sending it to the Governor for signature possibly next week, 

 

On 28 March, with your help, we urged our Senators to oppose Predatory Lending Bill SB 1316 S/E in Caucus on 29 March. However, it received a “Concurrence recommended” on the morning of 29 March without the time for the Caucus ever being posted and with no readings or discussion, as was much the same for some 30 other bills that were run through the process in about an hour. And as usual in a Caucus, there is no record of a vote or what Senators supported that decision. 

 

Please consider sending the draft message at the end of this Email to all Arizona Senators ASAP this evening or early tomorrow per the instructions shown below. And if you don’t get it sent tonight or tomorrow, please do so ASAP afterwards because it will be coming up at any time for the  final vote per the instructions shown below

 

My recommended message (below) builds significantly on the 28 March message to again remind our Senators of our concerns, and to hopefully trigger those that didn’t read our earlier message(s).

 

Again I am using a new Subject: “We need your help again” for the message to be forwarded to hopefully preclude some Pro-SB 1316 Senators from deleting the Email even before glancing at it, as was the case with several of them who received our 22 March Email and seeing the SB 1316 Subject line. You may use a different Subject line, or just use SB 1316 at your discretion. And different subject lines from some of us may help get the message through.

 

Email addresses with Semi-colons for all members of the Arizona Senate:

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected];

 

Senate Addresses With Commas:                                                                                                              

 

[email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],  [email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected][email protected],

 

 

               You might want to print this Email now to have the instructions below 

                                     available to facilitate using this process.

Guidance for processing and sending your Email.

When you are ready to forward the Message at the end of this text to all members of the Senate:

 

  1. Click on “Forward”from this message so that the attachment will be included with the message that will then be ready for final processing for sending. (Note: Clicking on “Forward” doesn’t send the message. It only sets it up to complete the processes below before hitting “Send”).
  2. Then delete the Subject line of the new message, and copy: ’ We need your help again ‘ here or at the beginning of the text of this Email and paste it on the Subject line.
  3. Edit the message that appears just below the blue line below if desired, and enter your name (and retired Rank if you are a Military Retiree) after the word ‘Respectfully‘ before the NOTE: at  end of the message. Enter your address if desired, but that might tend to make the Representatives or their staff to delete your message if you are not a constituent before they read at least the first paragraph in the message. Consider just adding something like ”Concerned Arizona Veteran” after your name and rank.  If you are a constituent of one of the Senators, in addition to sending this Email to all Senate Members, please consider calling your Senator’s office with your concerns. Go to or click on www.azleg.govhere. At that site, click on Senate and then on Members on the drop down menu) to find their phone numbers.
  4. Copy Email addresses with Semi-colons for all members of the Arizona Senate:above (high light the addresses of all 30 members and then hit ‘Ctrl’ and ‘C’ simultaneously), and paste it on the Bcc: line (put your cursor on the Bcc: line above and then hit ‘Ctrl’ and ‘V’ simultaneously.

NOTE:

If you have problems with your system not allowing so many address at one time, break the group down into two groups for use in sending the message to those two groups.

And if your system rejects the use of Semi-colons separating the addresses, follow the above process using the group of addresses separated by Commas as shown above.

  1. Now High Light the blue line shown below (place your curser just below the blue line) and sweep upward acrosseverything above it.
  2. Then hit “Delete” on your keyboard . That will leave just the Draft Message that now appearsbelow the blue line as the text of your new Email.
  3. 7.Then when you feel comfortable that you have completed all the steps correctly, and have added your  name at the end of the message, you can hit “Send” to send your Email.

 

Draft Message

 

 

Dear Senator,

 

SB 1316 S/E is on the Senate Caucus Calendar for 19 April with a possible final vote later this this week or next week in an attempt to get it to the Governor for signing. Please don’t let us see you as a supporter of this still usurious predatory lending Bill.

 

As you may recall, 17% interest per month (204% annual percentage rate – APR) results in over $10,000 in payments on a $2,500 loan over the 2 year term of the loan, and results in over $2,000 in payments on a $500 loan over 2 years. These are unconscionable under any circumstance, regardless of what the predatory lending industry and their lobbyists try to tell us their perceived need is for such loans.

 

Senator Yee defied political correctness and voted her conscious on 10 February to defeat SB 1447 which was the predecessor to the SB 1316 Strike Everything (S/E) predatory lending bill. I urge you to stand up to the predatory lenders and their lobbyists and vote your conscience against SB 1316 S/E that got through the House in a very partisan manner. It is not a partisan issue and shouldn’t be treated as such. And there are already other options available for help during times of urgent financial needs. They include, for examples, charitable organizations like the St. Vincent DePaul Society, Veteran organizations such as VFW Posts and the Boots for Our Troops Foundation, and the AZ Department of Veterans’ Services Military Family Relief Fund (MFRF) available for Post 9/11 Veterans.

 

Please stand with Senator Kinberly Yee and Senator Gail Griffin and other Republicans and Democrat colleagues in nonpartisan voting against the SB 1316 S/E predatory lending bill.

 

Don’t let your name appear as a YES on SB 1316 S/E along with those who have been so adversely influenced by the powerful predatory lending industry lobbyists over the past couple of months. Senator Kimberly Yee, who voted her conscience, withstood targeting by the predatory lending industry and their lobbyists saying that she did not support new business and was anti-free enterprise when you and her constituents and others know that is not so.

 

Please stand up to the predatory Lending industry lobbyists and vote your conscience to let your name appear as a NO on SB 1316S/E. Show Veterans across the state and your constituents where you stand in protecting the financially vulnerable among us from the usurious predatory lending industry.

 

Respectfully,

 

 

 

NOTE: Page 2 of the attached is a typical amortization table for a $2500 loan at 204% annual percentage rate (APR) interest.

 

If you are curious as to how amortization schedules are developed and maybe interested in how to easily apply them yourself to better understand the various SB 1316 S/E loan options, you can click on: http://www.webmath.com/amort.html (or copy and paste it in your browser). At that site you can easily produce an amortization spread sheet (typically called an Amortization Table) for any size loan by inserting the following loan details in the respective boxes at that location

  1. What is the amount of the loan? (e.g. $2500);  
  2. What is the duration of the loan? (in years)? (e.g. 2);  
  3. How many payments per yearare there? (e.g. 12 and note, that is payments per year, not the total number of payments over the term of the loan);  
  4. 4What is the annual interest rate (in a percentage)? (e.g. 204%annual percentage rate,not the 17% interest per month rate);
  5. andWhat extra amount can you afford to pay each month? You can leave that block blank or enter ‘0’ until later when you might like to do some experimenting to see the impact of increasing the initial monthly principle payment for various options that the predatory lending industry doesn’t want anyone to know about.

Then click on: “Show me the loan payment schedule” at the bottom of the screen to see the monthly payment details at the next screen.

 

There the details are displayed on a monthly basis  over the term of the loan and includes the total principle and interest paid as of each monthly loan payment over the term of the loan. And at the first monthly payment line, under ”Payment to Principle”, it shows the minimal first month principle payment that is automatically set to maximize the total interest paid over the term of a standard loan when systematically amortized over the term of the loan. INCREASING that initial minimal principle payment will result in early pay off of the loan and less interest received by the lender. And while the http://www.webmath.com/amort.html  does not enable you to DECREASE the minimal principle payment, doing so results in a large final payment and more interest received by the lender. And as a suggestion, after completing the process for any proposed predatory lending rate check out that same loan at 36% APR, the max allowed under Federal Law, to compare it with the usurious nature of the predatory lending industry business model interest rates.

 

Those amortization tables are designed to automatically set a low initial month principle payment to appear as a benefit to the borrower to keep their monthly loan payments to a minimum; e.g., starting at a $10.05 principle payment plus $425 Interest on a 17% interest per month (204% APR)  $2500 loan to set the monthly loan payment at $435.05 that remains constant over the 2 year term of the loan, and starting at $2.01 principle payment plus $85.00 Interest on a $500 loan to set the monthly loan payment at $87.01 that remains constant over the 2 year term of the loan. However, in reality this maximizes the interest paid over the 2 year term of a loan (over $7,900 on a $2,500 loan and nearly $!,600 on a $500 loan).

 

To see what would happen if you were to increase that initial month principle payment you can use the process above on a $2500 loan over 2 years and enter, for example, $10.00 in the ”What extra amount can you afford each month?” block. That essentially doubles what the automated initial month principle payment ($10.05) would have been to reveal the impact on total interest paid over the term of the loan. You will see that the total interest paid over the term of the loan would be reduced from $7941.15 to $6294.07 (a $1647 loss to the lender) with payoff of the loan after 20 months. It’s all part of their predatory lending industry business model to automatically set that minimal first month’s principle payment to establish a fixed monthly loan payment amount that maximize the interest payment over the normal term of a standard loan. And with that business model you can be assured that lenders won’t encourage higher initial principle payments or early pay off of a loan.

 

*State Veterans Legislative Update 9 April 2016:

My next State Veterans Legislative Update, if it is needed to address any last minute shenanigans to get SB 1316 S/E approved, will include a paragraph in the draft Email to be sent to our State Senators similar to that shown below.. Please try out the process outlined in the paragraph and let me know if you have any problems with it..

 

Gene Fenstermacher

[email protected]

(520) 3787-1471 

 

 

Draft paragraph:

 

And if you are interested, you can click on: http://www.webmath.com/amort.html (or copy and paste it in your browser) to enable you to calculate the details for any size APR loan. At that location, insert the following loan details:: What is the amount of the loan?; What is the duration of the loan (in years)?; how many payments per year are there? (and note, that’s payments per year, not the total number of payments over the term of the loan)and What is the annual interest rate? (in a percentage) (and that’s the annual percentage rate – APR, not the interest per month rate). Then click on: “Show me the loan payment schedule” to see the details. After doing a calculation at a proposed predatory lending rate, for comparison, check out that loan at 36% APR, the max allowed under Federal Law.

State Veterans Legislative Update 31 March 2016; SB 1316

There has been some procedurals delay in SB 1316 in part due to our petitioning, so the Veterans against SB 1316 hasn’t gone to Senator Biggs yet.

 

If you didn’t sign on last night or this morning and would consider joining those of us who did sign on, please consider doing so this evening or early tomorrow by clicking on this l ink here or in the message below:

https://docs.google.com/forms/d/1x6QQGk_eM7jXdd9Km113ivMaPybl_QSaVtl0eCMLMQc/viewform

 

To easily pass this Legislative Update on to your friends or Veteran Groups, just

hit “Forward” from this Email.

Then enter Email addresses of your Membership (or a special group address that you have set up for this action) on the Bcc: line above (to suppress the address list). so that if you or recipients are using

Norton Anti-Spam Software it won’t potentially add [Norton AntiSpam] to the Subject Line.

Then delete “Fw:” at the subject line,

Then delete the Red line just below this paragraph and everything above it.      And then hit send.

 

Below is a draft “Veterans Against SB1316” letter that is planned for delivery to the President of the Arizona Senate ASAP.

For any of you who would like to have your name along with mine on a list of Veterans who oppose SB 1316, click on:

https://docs.google.com/forms/d/1x6QQGk_eM7jXdd9Km113ivMaPybl_QSaVtl0eCMLMQc/viewform

 

There you will see the letter again, and below it all you need to do is merely fill in the *Required ‘Your answer” responses after clicking just to the right of and below the respective “Your answer” phrases. That will produce a line and a blinking start point at the left end of the line where you can begin your entries. You can edit any of your entries before submitting by clicking at the right end of your entry to produce the line again. When done, hit “Submit” and your submission will be acknowledged. They require your Email address and phone number but they are included in the list that goes to the Senators

 

As we still do not have a schedule for when SB 1316 will bo on the calendar next (COW and/or Senate Floor), we would like to get this list of names ASAP today or tomorrow at the latest

 

Please join me in this effort,

 

Gene Fenstermacher

 

“Veterans Against SB1316

Dear Senator Biggs:

We are Arizonans that have proudly served our country over the years. Army, Navy, Air Force, and Marine veterans coming together, and in one voice, speaking against the payday lender’s bill S1316 – the Flex Loan Act.

SB 1316 will allow lenders in Arizona to offer high-cost debt trap loan with a 204% APR. In 2006, and after a lengthy study, the Department of Defense said these types of high-cost loans are dangerous and harm “military readiness.” The findings of the study led the DoD to take action and issue rules that require all loans given to active military personnel and their families to have an all-in 36% APR.

Unfortunately these protections do not expand to veterans or inactive members of the National Guard.

The 514,000 Arizona veterans fought for all Americans. Though our active duty brothers and sisters are protected from these predatory loans, the most vulnerable among us are not. These loans aren’t just dangerous for active duty members of the military; they’re dangerous for all of Arizonans. That’s why we’re still fighting for them.

The Arizona Chapter of the Military Officers’ Association of America testified against this bill saying it “would leave our veterans vulnerable to usurious loans that are not only unfair, but also unnecessary.” The Navy-Marine Corps Society believes this bill is “harmful to veteran Sailors, Marines, and their families residing in Arizona.” We join their opposition by saying these loans trap vulnerable individuals in a cycle of debt that makes it impossible to escape.

In the military we believe there are some timeless principles of leadership. Among those we believe a leader should set an example and look out for the welfare of their people. That’s why we urge you to join the courageous example by Democrats and Republicans who stood up with the people of Arizona and voted NO on this predatory bill.

Republican Representatives Ackerley, Brophy-McGee, Barton, and Rivero, and the entire Democratic delegation in the House of Representatives showed the people of Arizona something that we in the military know too well, that it takes bravery to stand for what is right. And a similar stand was first seen in the Senate with Senator Kimberly Yee.

We have fought for our freedom, and yours. We insist that you not let predatory lenders lock our veterans into inescapable debt.

Thank you for your continued support of military veterans in the State of Arizona.

Sincerely,

 

State Veterans Legislative Update 30 March 2016; SB 1316

Below is a draft “Veterans Against SB1316” letter that is planned for delivery to the President of the Arizona Senate ASAP.

For any of you who would like to have your name along with mine on a list of Veterans who oppose SB 1316, click on:

https://docs.google.com/forms/d/1x6QQGk_eM7jXdd9Km113ivMaPybl_QSaVtl0eCMLMQc/viewform

 

There you will see the letter again, and below it all you need to do is merely fill in the *Required ‘Your answer” responses after clicking just to the right of and below the respective “Your answer” phrases. That will produce a line and a blinking start point at the left end of the line where you can begin your entries. You can edit any of your entries before submitting by clicking at the right end of your entry to produce the line again. When done, hit “Submit” and your submission will be acknowledged. They require your Email address and phone number but they are included in the list that goes to the Senators

 

As we still do not have a schedule for when SB 1316 will bo on the calendar next (COW and/or Senate Floor), we would like to get this list of names ASAP today or tomorrow at the latest

 

Please join me in this effort,

 

Gene Fenstermacher

 

“Veterans Against SB1316

Dear Senator Biggs:

We are Arizonans that have proudly served our country over the years. Army, Navy, Air Force, and Marine veterans coming together, and in one voice, speaking against the payday lender’s bill S1316 – the Flex Loan Act.

SB 1316 will allow lenders in Arizona to offer high-cost debt trap loan with a 204% APR. In 2006, and after a lengthy study, the Department of Defense said these types of high-cost loans are dangerous and harm “military readiness.” The findings of the study led the DoD to take action and issue rules that require all loans given to active military personnel and their families to have an all-in 36% APR.

Unfortunately these protections do not expand to veterans or inactive members of the National Guard.

The 514,000 Arizona veterans fought for all Americans. Though our active duty brothers and sisters are protected from these predatory loans, the most vulnerable among us are not. These loans aren’t just dangerous for active duty members of the military; they’re dangerous for all of Arizonans. That’s why we’re still fighting for them.

The Arizona Chapter of the Military Officers’ Association of America testified against this bill saying it “would leave our veterans vulnerable to usurious loans that are not only unfair, but also unnecessary.” The Navy-Marine Corps Society believes this bill is “harmful to veteran Sailors, Marines, and their families residing in Arizona.” We join their opposition by saying these loans trap vulnerable individuals in a cycle of debt that makes it impossible to escape.

In the military we believe there are some timeless principles of leadership. Among those we believe a leader should set an example and look out for the welfare of their people. That’s why we urge you to join the courageous example by Democrats and Republicans who stood up with the people of Arizona and voted NO on this predatory bill.

Republican Representatives Ackerley, Brophy-McGee, Barton, and Rivero, and the entire Democratic delegation in the House of Representatives showed the people of Arizona something that we in the military know too well, that it takes bravery to stand for what is right. And a similar stand was first seen in the Senate with Senator Kimberly Yee.

We have fought for our freedom, and yours. We insist that you not let predatory lenders lock our veterans into inescapable debt.

Thank you for your continued support of military veterans in the State of Arizona.

Sincerely,