Colorado’s new law
May 3, 2010 | Colorado, industry | Comments (0)From a column in the Denver Post:
Sen. Al White, R-Hayden, is not only concerned about the 1,600 jobs that could be lost if the industry is unable to stay alive, as well as the Coloradans who rely on payday loans for emergency cash, but also the impact the measure might have on organized crime. He points out that loan sharks might step in to fill the void.
“It’s creating a void in the market, and it’s going to be filled by something,” said White. “People still will need money for emergency purposes, and here we are trying to protect these vulnerable, innocent people, and what we’re going to be doing is potentially opening the door for unregulated, unscrupulous lenders to fill that market Ń I don’t know if that’s organized crime or what, they certainly have a history of loan-sharking.”
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