Senate Backs Payday Loan Limits

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San Francisco Examiner 
April 29, 2010

A bill that limits short-term payday loans to a term or no more than six months passed by one vote in the Denver Senate on April 29. Lenders can continue charging a $75 origination fee, monthly fees as high as $30, and interest rates of up to 45 percent. Sen. Rollie Heath (D) proposed the changes in order to keep the payday lending industry alive, while other legislators said it would still force layoffs and advocated allowing fees of up to $60 per month.
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