More than 600 payday lending employees and supporters rallied on the steps of the Colorado Captiol on Tuesday to voice their opposition to a bill that would cap the interest rate of payday loans at 45 percent interest. Under a 45% APR cap, the fee per $100 would be $1.73. Payday lenders would be forced to close and 1,800 people would be out of a job.
Sen. Mike Kopp, R-Jefferson County, said called the bill an ”anti-market” bill. “Government has no business second guessing consumers’ credit needs,” said Kopp.
Sen. Jennifer Veiga, D-Denver, said it would dry up what she considered to be a “viable option” for people in a time of need. She said she was concerned it might force people to take on things that will have much higher interest rates and have more significant penalties to them.
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