Colorado payday loan opponents are at it again! According to the Denver Post, “A new version of a payday loan bill passed the House Judiciary Committee on a 7-4 party-line vote Thursday, the second time the bill has come out of the committee this year.”
“The newest version of the Colorado payday loan bill caps interest rates at 45 percent and limits lenders to charging no more than a $50 annual origination fee on any payday loan.”
Colorado “do-gooders” have been introducing various payday loan legislation for the past several years. Lucky for consumers each bill has experienced severe opposition and died in committee.
Let’s hope this bill experiences a similar death!