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.
Read more and watch the video coverage at: http://www.thedenverchannel.com/news/15568724/detail.html
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