Key Votes

HB 1310 - Payday Loan Restrictions - Key Vote

Colorado Key Votes

Stages

Family

Issues

Stage Details

Legislation - Bill Sent To Committee (Senate) -
Legislation - Bill Passed (House) (33-30) - (Key vote)

Title: Payday Loan Restrictions

Vote Smart's Synopsis:

Vote to pass a bill that caps the interest rate that lenders may charge on a deferred deposit loan.

Highlights:
- Caps the annual interest rate for deferred deposit loans at 45 percent [sec. 3 (1) (b)]. - Limits the finance charges to no more than $20 for the first $100 loaned, $10 for every $100 loaned thereafter, and $60 altogether [sec. 3 (a) (1) (a)]. - Prohibits lenders from charging prepayment penalties for early payments of deferred deposit loans [sec. 3 (2)]. - Prohibits lender from knowingly making a deferred deposit loan to anyone who already has an outstanding deferred deposit loan (Sec. 4). - Requires lenders to post a notice in a prominent place on each deferred deposit loan agreement explaining that state law prohibits deferred deposit loans from exceeding $500 plus applicable charges at one time, and that you have the right to rescind the transaction by 5 P.M. the following business day (Sec. 5).
Legislation - Introduced (House) -

Title: Payday Loan Restrictions

Sponsors

  • Dorothy B. Butcher (CO - D) (Out Of Office)
  • Terrance D. Carroll (CO - D) (Out Of Office)
  • Peter C. Groff (CO - D) (Out Of Office)
  • Andrew 'Andy' Kerr (CO - D) (Out Of Office)
  • Anne L. McGihon (CO - D) (Out Of Office)
  • John P. Morse (CO - D) (Out Of Office)
  • John V. 'Jack' Pommer (CO - D) (Out Of Office)
  • Judith Anne 'Judy' Solano (CO - D) (Out Of Office)
  • Abel J. Tapia (CO - D) (Out Of Office)

Co-sponsors

  • Alice J. Borodkin (CO - D) (Out Of Office)
  • Alice D. Madden (CO - D) (Out Of Office)
  • Rosemary Marshall (CO - D) (Out Of Office)
  • Michael Merrifield (CO - D) (Out Of Office)