Governor Ritter signs Payday Lending
and Pay Equity bill today - May 25, 2010
A bill to restrict payday lenders was signed by Governor Ritter today with many of the organizational supporters present at the signing. The new law restricts payday lenders to a 45% interest rate, down from 300% and allows for an initiation fee and a small maintenance fee.
LARASA's Executive Director, Dr. Estevan Flores, testified in the House for the bill. The Colorado Progressive Coalition and the Bell Policy Institute led the fight and many other organizations successfully pushed the bill forward.
This new law shows that we can succeed to protect Colorado