One amendment to the Colorado legislature's last bill of the season is causing a significant amount of disappointment. Unless a controversial payday lending amendment is decided on, Colorado could be at a standstill. A rules bill that deals with day-to-day operations of the state is at risk over this amendment. If the issue isn't resolved today, the Colorado legislature will require a special session.
Information on the Colorado U.S. Senate Bill 78
Colorado U.S. Senate Bill 78 is an annual rules bill that was meant to create specific, enforceable rules for several of the bills passed over the last session. There are about 600 individual rules addressed in U.S. Senate Bill 78, including solid waste disposal fees, fire codes in schools, licensing of medical weed dispensaries and ski lift safety. Senate Republicans amended the bill to change payday lending laws in the state after it was passed by the House.
Payday lending changes in Colorado
Last year, the Colorado legislature made significant changes to payday lending laws in the state. The fees loan providers can charge were limited. Interest rates were also capped. Short term loan origination fees were limited. They can only be $75. The rules on this law were considered improper by several lenders. The Colorado House then passed a law that stated the origination fees might be kept by corporations. It was not passed in the U.S. senate. This is the issue. The debate started all over again after the Senate Republicans put the bill back onto the Rules Bill.
Change taxpayers can have to deal with
The Colorado U.S. Senate Bill 78 will have to face a special session if House and Senate groups will not agree one something. A special session of the legislature could cost taxpayers several thousand dollars per day. In Washington, special sessions were estimated to cost $20,000 per day; New York special sessions are about $50,000 per day. In short, the cost of sorting out the cash advance bill in Colorado could cost working class individuals several hundred thousand dollars.
One amendment to the Colorado legislature's last bill of the season is causing a significant amount of disappointment. Unless a controversial payday lending amendment is decided on, Colorado could be at a standstill. A rules bill that deals with day-to-day operations of the state is at risk over this amendment. If the issue isn't resolved today, the Colorado legislature will require a special session.
Information on the Colorado U.S. Senate Bill 78
Colorado U.S. Senate Bill 78 is an annual rules bill that was meant to create specific, enforceable rules for several of the bills passed over the last session. There are about 600 individual rules addressed in U.S. Senate Bill 78, including solid waste disposal fees, fire codes in schools, licensing of medical weed dispensaries and ski lift safety. Senate Republicans amended the bill to change payday lending laws in the state after it was passed by the House.
Payday lending changes in Colorado
Last year, the Colorado legislature made significant changes to payday lending laws in the state. The fees loan providers can charge were limited. Interest rates were also capped. Short term loan origination fees were limited. They can only be $75. The rules on this law were considered improper by several lenders. The Colorado House then passed a law that stated the origination fees might be kept by corporations. It was not passed in the U.S. senate. This is the issue. The debate started all over again after the Senate Republicans put the bill back onto the Rules Bill.
Change taxpayers can have to deal with
The Colorado U.S. Senate Bill 78 will have to face a special session if House and Senate groups will not agree one something. A special session of the legislature could cost taxpayers several thousand dollars per day. In Washington, special sessions were estimated to cost $20,000 per day; New York special sessions are about $50,000 per day. In short, the cost of sorting out the cash advance bill in Colorado could cost working class individuals several hundred thousand dollars.
Citations
Komo News
komonews.com/news/local/120742604.html
Denver Post
denverpost.com/breakingnews/ci_18038290