Local News

Backers say Colorado payday loan limits working

DENVER - A report from Attorney General John Suthers says a law cracking down on the payday lending industry saved Coloradans nearly $100 million last year.
   
A new law limits the term of payday loans from about two weeks to a minimum of six months. Backers say that gives borrowers some breathing room and makes it harder for payday lenders to pile on debt.
   
Backers say the report also counted 330 licensed payday lending locations in Colorado at the end of 2011, contradicting claims by payday lenders that the 2010 law would put the industry out of business.


comments powered by Disqus

Must See Videos

  • Colorado Springs Mayor speaks against HB 1242
  • Colorado Governor weighs in on recent EPA announcement
  • WATCH: New arrests in El Paso County teen homicide investigation
  • WATCH: Community outcry gives Pueblo pup a second chance