Colo. House gives final approval to payday loan limits
DENVER – A bill limiting the terms of payday loans is headed to the governor for his signature.
The House backed a new version of the bill Tuesday by one vote. It changes short-term payday loans into six-month loans.
Lenders would still be able to charge a $75 origination fee as well as monthly fees up to $30 and up to 45 percent in interest.
Republicans say the changes will keep some payday lenders in business, but they believe it will still force some lenders to close and layoff workers.