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Payday Lending fees more than state allows

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What is the name of your state? Arizona
I have been searching through Arizona Laws (statutes). I have found that the Payday lending company I am customer might be in violation of
Chapter 12.1 Deffered Payments
Article 1-General Provisions
6-1260 Deffered presentment; amount; fees
F. A licensee shall not directly or indirectly charge any fee or other consideration for accepting a check for deferred presentment or deposit that is more than fifteen per cent of the face amount of the check for any initial transaction or any extension.
I have been rolling over the same loan since November of 2001 due to money difficulties, but I have been paying more than 15% in fees stated in subsection F. I have been charged $52.50 for the same $300.00 loan which is 17.5% total= $120.00 over charged. (total charged $840.00 for a loan of $300.00)
I need to know if I am interpreting this correct , because the company is saying what they do is take the amount loaned out $100.00 add $17.50 (which is their fee), then they said the 15% fee is from the face value of $117.50 even though I am not being loaned $117.50, can they do that? If not, then is the contract valid?
Thank You

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