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Lawmakers begin to take positions on Colorado payday regulation

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.