Monday, April 19, 2010

Colorado House narrowly passes payday loan bill

Payday lenders who don’t want to see their interest rates dramatically cut will turn their attention to the Colorado Senate.

That’s because the House narrowly approved a measure Monday to cap their annual rates at 45 percent. Currently, they can be as high as 520 percent.

Rep. Mark Ferrandino, D-Denver, who introduced House Bill 1351, persuaded just enough lawmakers to approve capping how much the more than 600 payday lenders in the state can charge in interest.

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1 comment:

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