STATE BILL COLORADO
The state committee that sets rules for Colorado payday lending companies under recently passed House Bill 10-1351 meets at 1:30 p.m. at the Capitol.
It promises to be eventful, as corporate officials, lobbyists and advocates on both sides are expected to jam the Old Supreme Court Chambers.
The meeting’s agenda is below, as is a copy of the proposed rules.
Under the old law, those fees and rates could amount to as much as 520 percent per year. The new law limits fees to $7.50 a month for every $100 loaned, and an interest rate of no more than 45 percent.
But Gov. Bill Ritter’s chief legal counsel, Craig Welling, has called one of the rules “absurd,” according to the Grand Junction Daily Sentinel. Payday lending companies say other parts go beyond a new law calling for them in the first place.