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HB10-1351: Payday Loan Bill Headed Back to Committee

After sitting in limbo for weeks while supporters tried to round up enough votes to pass it in the House, a bill to limit fees on payday loans is now going back to committee for an overhaul, The Denver Post reports.

Sponsored by Rep. Mark Ferrandino, D-Denver, House Bill 1351 would cap annual interest rates on payday loans at no more than 36 percent. Under current law, lenders can charge in excess of 300 percent a year on a payday loan, but they argue that applying an annual rate to a loan that is made for only a few weeks is misleading.

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