Preserving a Victory on Payday Lending Reform

When you win a fight fair and square, you don't expect the score to be changed after the fact. But apparently special interest lobbyists play by a different set of rules.

This past legislative session, we won a hard fight to pass necessary caps on the egregious interest rates payday lenders were charging to military and working families. When the Governor signed our bill in June, we thought predatory lenders would be reasonably regulated and military and working families could escape cycles of debt. But then came a July ruling on the interpretation of our bill that would have allowed predatory lenders to charge even more exorbitant rates than they did before the legislation was passed (Read the Governor's letter below). It was as if the Broncos had won the Super Bowl against the Cowboys, but then the referee came back and sent the game to overtime with the Cowboys ahead.

It wasn't right or fair. So yesterday we stood up with Governor Ritter, Representative Ferrandino and the Colorado Progressive Coalition to insist that our hard-won regulations on predatory lending practices be restored for military and working families. And once again, we won. Limits on the sky-high interest rates charged by payday lenders will be implemented this year to protect hardworking Coloradans from a predatory lending cycle of debt.

Governor Ritter's letter calling for a stricter interpretation of HB10-1351: