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HB10-1351: Colorado Legislators Rework Payday Loan Rate Cap

Supporters of legislation to put new limits on payday loans are hoping the second time this session is the charm, The Denver Post reports.

A reworked version of the bill passed the House Judiciary Committee on a 7-4 party-line vote Thursday, the second time the bill has come out of the committee this year.

The original version of the bill, which would have limited interest on payday loans to no more than 36 percent a year, never came to a vote on the House floor because supporters could not get the 33 votes required to pass it.

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