More Colorado details
April 20, 2010 | Colorado, industry, regulation | Comments (0)A fuller story on the Colorado bill:
After remaining in limbo for weeks while supporters tried to round up votes, a bill slashing interest rates on payday loans narrowly passed the House on Monday.
Now the legislation, House Bill 1351, faces another uphill battle in the Senate.
Under the bill, payday lenders in Colorado could not charge more than a 45 percent interest rate — expressed as an annual percentage — on loans. The bill also limits them to charging no more than a $50 origination fee.
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