DENVER– On Tuesday afternoon, Colorado Springs Republican Rep. Bob Gardner set off a firestorm on the House floor and in the Twittersphere when in the last hours of the 2011 legislative session he amended the annual rules bill to strip out regulations passed last year on payday lending. It was a surprise move sure to generate rancor and just the latest battle in the ongoing war over payday lending in the state.
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A bill to increase fees on payday loans died Thursday, leaving consumer advocates happy and payday lenders less so.
Expressing concerns that loan sharks may become the new lenders for the poor, and saying they fear the loss of further jobs in a down economy, legislators Tuesday passed a bill to allow deferred deposit loan corporations to retain up-front fees.
DENVER — After four hours of testimony and deliberation in the old Supreme Court chambers of the state Capitol, First Assistant Attorney General Laura Udis decided to reverse her proposed payday lending rules and effectively reinsert consumer protections which…
DENVER– The war to regulate payday loans in Colorado continues behind the scenes at the capitol here. Lobbyists and lawmakers are working hard to shore up votes for and against legislation introduced by Denver Democrats Rep. Mark Ferrandino and Sen. Chris Romer weeks ago. The bill is stalled for now as negotiations over proposed amendments continue.
“We are working the bill hard,” Ferrandino told the Colorado Independent. “And, as you know, the other side is definitely working it hard, too.”