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March 08, 2010 06:10 PM UTC

Payday Lending Reform Hits House Judiciary Today

  • 13 Comments
  • by: Colorado Pols

UPDATE #3: HB10-1351 passes Judiciary Committee 7-4.

UPDATE #2:: Check out this list of likely NO votes. From what we hear, you can add Democrat Independent Rep. Kathleen Curry — a former co-sponsor of Payday Lending Reform — to the list of likely “NO” votes (Curry is not on the Judiciary Committee, but we’re keeping a list of likely “NO” votes).

—–

UPDATE: HB10-1351 is scheduled for debate in Judiciary at 1:30PM this afternoon, in the Old Supreme Court chambers (where you schedule stuff expecting a crowd). We’ll update later.

—–

Far and away our favorite piece of legislation this year, Colorado House Bill 10-1351, a referred measure to cap interest rates charged by the usurious payday lending industry, will see its first test in a hearing today before the House Judiciary Committee. Action alerts are rolling out from a coalition of consumer and activist groups, we’ve reprinted Progress Now’s after the jump.

You’re just sitting there, right? Pick up the phone–these guys have a lot of spam to answer for.

THANK YOU for speaking out in the last couple of weeks against predatory lending in Colorado: the response has been overwhelming, and it’s time to take the next step.

Colorado House Bill 1351, which will refer to the voters a measure to cap interest rates for payday loans at the same rates other lenders are allowed to charge, will see its first debate TODAY in the House Judiciary Committee. Please take a moment right now, this morning, to call members of the Judiciary Committee and urge a “yes” vote on HB10-1351:

Rep. Clair Levy:  303-866-2578

Rep. Elizabeth McCann:  303-866-2959

Rep. Lois Court:  303-866-2967

Rep. Bob Gardner:  303-866-2191

Rep. Daniel Kagan:  303-866-2921

Rep. Steve King:  303-866-3068

Rep. Joe Miklosi:  303-866-2910

Rep. B.J. Nikkel:  303-866-2907

Rep. Sal Pace:  303-866-2968

Rep. Su Ryden:  303-866-2942

Rep. Mark Waller:  303-866-5525

At this time of day, you’ll ether reach voice mail or a friendly legislative staffer–please call and make your voice heard! A brief word of support from a constituent can make a huge difference to individual legislators. There are three key points to make today:

Payday loans are a bad product that harms people.

Payday loans don’t solve a financial emergency, they create a new financial emergency every two weeks over and above the original amount loaned.

Payday loans leave hundreds of thousands (estimated somewhere between 100,000–200,000 Coloradans) in debt they can’t climb out of.

Thanks again for your prompt action! Today’s hearing in the House Judiciary Committee is just the first step for this important bill. We’ll be in touch soon with more opportunities to take action. In the meantime, if you haven’t already, please forward this message to your friends–we’ll need all the help we can get to defeat the payday lending industry’s army of lobbyists.

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13 thoughts on “Payday Lending Reform Hits House Judiciary Today”

  2. Ya’ll know I lean to vote for this because limiting welfare mothers and Illegal Aliens access to microfinance will tend to drive them out of Colorado.  Plus, it will make Coloradans more responsible in their financial dealings.

    Although it will hurt certain Colorado retail businesses, that pain when compared to its benefits can very viewed as a wash.

    A question remains.  It appears that payday lenders will be able to maintain services on accounts from other jurisdictions while maintainning the cash transaction abilities at the current storefronts.  This sounds like a loophole.  

    The example is if I have an account I created in another jurisdiction, won’t I be able to still access transactions locally under interstate commerce laws?  

    This is important.  1) it allows our military to retain their microfinance abilities as they transfer from base to base and 2) it sends the Illegal Alien market to other jurisdictions for new account creation, which we hope they’ll stay in and not return to Colorado so as to unburden Colorados medicaid roles that are fraudulantly paying out millions.

      2. redstate is so negative.

        What will likely irritate people is that the banks come out of this smelling like roses and taking all the business pf the payday folks – either through higher fee revenue (NSF charges) or with their own microfinance products.

        At least the Democrats are taking a stance against Illegal Aliens and the financial tools they exploit to live and prosper illegally.  You gotta hand it to them, they are capitalists.

  3. You need to correct and update the “No” list that you are keeping on this issue. There are no “Jim Soper” state legislators. There is a Rep. John Soper. And, by the way, he told me he was a “Yes” on this one over a week ago. Please update.

        1. The choices are:

          1) nationalize all financial businesses

          B) just regulate the crap out of their retail businesses

          Seems logical to me.

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