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Pay day loan bill debates carry on. Payday Lending in Colorado by the figures in 2006

Pay day loan bill debates carry on. Payday Lending in Colorado by the figures in 2006

A bill within the Legislature would limit the attention and costs payday lending organizations can charge residents, though opponents state it’s going to drive out of the industry and produce a black marketplace for loans their state cannot regulate.

The bill — HB 1310 — would spot a restriction of 45 per cent interest that is annual on short-term loans companies offer to residents, plus it would restrict lenders to evaluating only 1 $60 finance cost per debtor, each year.