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The point is to push the feds to adopt the kind of rules that might turn the experience into something more like a reasonable consumer exchange and less like a run through a personal finance minefield.
DENVER-- On Friday the state Senate passed a compromise version of Rep. Mark Ferrandino's payday loan bill, which seeks to protect consumers against high interest rates and fees. Lawmakers fearing job-loss forecasts put forward by short-term loan industry softened the strictest limits the original version of the bill would have put in place. Ferrandino is confident the amended bill will pass in the House and head to the governor's desk for signing this week.
State Rep. Sue Schafer, D-Wheat Ridge, like other Democrats, is a payday loan fence-sitter. She sees the need to protect consumers from abuses but she also sees the need for short-term credit. Schafer is calling for credit unions to create emergency loan programs and she told the Colorado Independent she felt Denver Democrat Mark Ferrandino's bill that seeks to regulate the payday industry, HB 1351, should be laid over until lawmakers can come up with a better solution. Schafer said she felt the threat of losing payday jobs was a real concern.