Arizonans will decide on a ballot initiative designed to limit interest rates on debt from healthcare services. The proposal is the first initiative certified for the ballot in Arizona for November, and the first of three initiatives with signatures under review to be certified. There are also eight legislative referrals on the ballot in Arizona.
This comes after legal challenges to the initiative that were rejected by a judge. On August 17, Maricopa County Superior Court Judge Frank Moskowitz rejected a legal challenge to the measure saying that paid petition circulators were improperly registered with the secretary of state’s office.
If approved by voters, the measure would set limits on interest rates for debt accumulated from receiving healthcare services to equal to either the weekly average one-year constant maturity treasury yield or 3%, whichever is less. It would increase the amount of homestead exempt from debt collection from $150,000 to $400,000. It would also increase the amount of value of household furnishings, motor vehicles, bank account funds, and disposable earnings exempt from debt collection processes.
