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(Not the legislature’s finest hour, folks – promoted by Colorado Pols)
Rep. Mark Ferrandino’s attempts to cap interest rates on payday lending in Colorado stalled Friday in the Legislature, the Denver Post’s Tim Hoover reports, as House leaders postponed a vote because two Democrats were absent. The margin could be as close as a single vote, Ferrandino told Hoover.
Who’s opposed? House Republicans, who say reining in 300 percent interest rates would hurt the working poor, and some Democrats too. Hoover quotes Greeley Rep. Jim Riesberg, who “offered an impassioned defense of payday lenders” and said banks gouge customers worse with overdraft fees, and Arvada Rep. Debbie Benefield, who said the customers were the problem.
Rep. Debbie Benefield, D-Arvada, said people who have problems with payday loans have bad money management skills. She angrily said the debate was a discussion about “saving individuals from themselves and about the Catholic Church and other crap I’m hearing.”
The bill could come up for consideration again next week or might be sent back to committee for a rewrite.
A poll follows.