More details on Colorado
May 26, 2010 | Colorado, industry, regulation | Comments (0)This story has a little more depth:
House Bill 1351 replaces payday loans with a new type of loan with a six- to 12-month term and lower interest rates.
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Half the payday lending companies in Colorado might close because of the bill, said Ron Rockvam, president of the Colorado Financial Service Centers Association.
“I know of six of them that closed over the weekend,” all in the Denver area, Rockvam said.
Rockvam runs a payday lending business in Fort Collins, and he does not know whether he will be able to stay open. The changes in HB 1351 require payday businesses to offer a new product, and they will need a higher cash flow because of the extended repayment schedule, Rockvam said.
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