Key Votes
HB 1310 - Payday Loan Restrictions - Key Vote
Colorado Key Votes
Stages
Family
- HB 1310 - Payday Loan Restrictions
- HB 1819 - Prohibits Governor from Regulating Firearms in an Emergency
Issues
Stage Details
Legislation - Bill Sent To Committee (Senate) - March 3, 2008
Legislation - Bill Passed (House) (33-30) - Feb. 25, 2008 (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) - Feb. 1, 2008
Title: Payday Loan Restrictions
Sponsors
- Dorothy B. Butcher (CO - D) (Out Of Office)
- Terrance D. Carroll (CO - D) (Out Of Office)
- Mark Ferrandino (CO - D)
- 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)
- 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)