A Mesa GOP lawmaker is proposing what he concedes is a very un-Republican thing. Sen. David Farnsworth has introduced two bills to cap the interest rate that can be charged by title lenders at 36 percent. That compares with rates that run as high as 17 percent – a month.
Farnsworth also wants to close what he says is a loophole in law that allows people to borrow without actually having a title to their vehicle, a practice he says hearkens back to the now banned practice of payday loans.
