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PHOENIX — A judge said Monday he will decide today whether voters need to be told upfront how much payday lenders could legally charge if Proposition 200 is approved.

Maricopa County Superior Court Judge Sam Myers will hear arguments this afternoon by opponents of the measure who charge the summary prepared by Secretary of State Jan Brewer is inadequate because it fails to mention the 391 percent annual interest rate.

Rep. Debbie McCune Davis, D-Phoenix, one of the foes, said that without that information, voters could be misled.

But the lawsuit faces an uphill battle because Attorney General Terry Goddard, who must review every summary, said Monday he believes there is nothing misleading about it.

"We did as good a job on that one as we could and summarized the statute," Goddard said. Anyway, he said, initiative opponents may have waited too long to object.

"I consider it a horse that's out of the barn and down the road," Goddard said.

Time is running out: The Secretary of State's Office wants to start printing the pamphlets tonight that contain not only the summary of each ballot measure but all the arguments for and against each one. These are mailed to every household before the November election.

Proposition 200 is a bid by payday lenders to keep their business alive in Arizona.

State law generally caps annual interest on loans at 36 percent. But legislators agreed in 2000 to an exemption for companies that lend up to $500 for up to two weeks by agreeing not to cash a postdated check.

That allowable fee of $17.85 for every $100 borrowed computes out to an annual percentage rate of more than 400 percent.

That special exemption for payday lenders, however, expires July 1, 2010.

Lawmakers have so far refused to extend that deadline. With the possibility of being forced out of business, lenders are taking their case to voters.

The industry-financed proposal, dubbed "Arizonans for Financial Reform," would lower permitted fees to $15 per $100. But McCune Davis said that still totals 391 percent. And she wants that figure on the summary printed on each and every ballot, along with an explanation that the maximum interest rate will return to 36 percent in 2010 if voters defeat the initiative.

Only that, she said, will "clearly state the contrast between the 'yes' and the 'no' position."

But Stan Barnes, spokesman for the payday lenders, said the 391 percent figure should not be included because it's both misleading and irrelevant. He said people are not paying interest on the money they borrow, they're paying a one-time fee.

The lenders have so far spent nearly $9 million on their campaign.

Also expected today is a ruling by another judge over the wording of the summary for Proposition 102 which would constitutionally ban same-sex marriage in Arizona.

That case is different because it doesn't involve proponents or opponents. Instead, Brewer is suing Goddard because the pair cannot agree on what each considers a fair summary of the measure.

Goddard said voters should be informed rejecting the measure would leave intact existing state statutes which already make it illegal for gays to wed in Arizona.

Maricopa County Superior Court Judge Bethany Hicks promised a ruling by the end of the day.