Lawmakers Pass Payday Loan Measure

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Durango Herald 
May 5, 2010
Hanel, Joe

Colorado House Bill 1351 passed in the House May 4 on a 33-32 vote and will head to the governor's desk as the biggest victory that payday lending opponents have seen in years. The legislation, sponsored by Rep. Mark Ferrandino (D-Denver), converts short-term payday loans into loans with terms of six months to a year while still allowing lenders to charge excessive fees and a 45 percent interest rate. Regardless, Ferrandino was happy with the bill's passage and said it really "deals with the cycle of debt" caused by repeat payday lending. He expects Gov. Bill Ritter to sign the measure into law.
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