April 17, 2016 09:28 AM UTC

Help us stop the loan sharks in Colorado (again)

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• by: ProgressNow Colorado

(Just say no – Promoted by Colorado Pols)

At the end of the Colorado legislature’s session in 2015, lobbyists for subprime predatory lenders rushed a last-minute bill through with almost no debate allowing lenders to dramatically increase interest rates on personal loans. You might remember this battle: with our members’ help, we fought back against the loan sharks and persuaded Gov. Hickenlooper to veto the bill.

With only weeks left in the 2016 legislative session, the loan sharks are back. Contact your legislators right now and tell them to vote NO on Senate Bill 16-185, the “2016 Loan Shark Enrichment Act.”

Politicians like to say they’re for protecting the middle class, but Senate Bill 16-185 would do exactly the opposite. Hiking interest rate caps on personal loans will lead to more unaffordable debt and years of steep payments–or default, which these lenders fully anticipate with some of the most aggressive collection practices in the industry.

Senate Bill 185 will cost Colorado families millions of dollars in higher interest payments, for no good reason other than increasing profits for the out-of-state hedge fund that dominates Colorado’s “supervised lending” market. Contrary to the industry’s claims, there is no evidence to indicate these loans are not accessible to consumers, and certainly no evidence they are unprofitable. Colorado consumers and hard-working families who need access to credit deserve better than predatory terms.

Contact your legislators right now: urge them to vote NO on Senate Bill 185.

Loan shark lobbyists are very good at what they do. Last year, similar legislation almost became law with practically no debate. This year, help us get the message to our lawmakers loud and clear that they work for us–and not the predatory lending industry.