Proposition 200, an industry-backed measure to regulate the payday loan industry, was shot down Tuesday night with plenty of advertising on both sides of the issue.

The measure called for new regulations on the payday loan industry in the state as businesses in the industry worried the Arizona Legislature could impose stricter rules.

The vote was held at 60 percent against, 40 percent through much of Tuesday night with more than 90 percent of results in, according to the Arizona Secretary of State’s Office.

The Yes on 200 committee brought in more than $13 million to support its effort.

Opponents included the AARP seniors group, Western Maricopa Coalition, or Westmarc, economic development group, Greater Phoenix and Tucson Metropolitan chambers, East Valley Chambers of Commerce Alliance and the Association of Community Organizations for Reform Now, or ACORN. Critics say the Legislature should be the one to oversee payday loan rules.I

source: bizjournals.com