Rocky Mountain low
April 15, 2010 | Colorado, industry, regulation | Comments (0)House action today in Colorado. From the story:
The Colorado House has given initial approval to a bill that would limit payday loan rates after lawmakers said borrowers are getting into a vicious cycle of debt.
The measure (House Bill 1351) would limit interest rates to 45 percent annually, down from a maximum 300 percent. It also would allow lenders to charge a $50 fee once a year.
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