Colorado bill would cap fees on payday loans (KOAA Colorado Springs – Pueblo)
State Rep. Mark Ferrandino and Sen. Chris Romer are announcing legislation targeting payday loans. Consumers taking out payday loans give the lender a postdated check for the amount of the loan plus a fee. The lender holds the check for about two weeks, when the money is repaid or the check is cashed. Colorado caps finance fees at 20 percent of the loan for the first $300, then an additional 7.5 …
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Colorado bill would cap fees on payday loans (KOAA Colorado Springs – Pueblo)
