Colorado Legislators Rework Payday Loan Rate Cap

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Denver Post 
April 9, 2010
Hoover, Tim

The Denver House Judiciary Committee passed a reworked version of a bill limiting payday loan interest rates after the original version died on the House floor and was returned to the panel. The new proposal seeks a 45 percent interest rate cap and a $50 limit on what the lender can charge in annual origination fees. The previous version proposed a 36 percent rate ceiling but never came to a vote on the House floor. A proposal in 2008 that called for a 36 percent rate cap that was later amended to a 45 percent cap fell apart amid numerous amendments, and payday lending reform efforts floundered in 2009 before a bill could even be drafted.
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