Colorado Payday Loans Amendment (2010)

Not on Ballot

This measure was not put
on an election ballot

## Contents

* 1 Background
* 2 Path to the ballot
* 3 See also
* 4 External links
* 5 Footnotes

The Colorado Payday Loans Amendment did not appear on the November 2, 2010 statewide ballot in Colorado as a legislatively referred constitutional amendment. The proposed amendment would have limited the amount of interest that payday lenders made off of loans. The measure was sponsored by Rep. Mark Ferrandino.[1]

## Background[edit]

At the time the measure was proposed in the state of Colorado payday lenders could charge finance charges of $20 per $100 on the first $300 loaned. A charge of $7.50 per hundred after until the loan reaches a maximum of $500.

According to state officials the average payday loan in 2008 was $391 and had an average annual interest rate of 317%.[1]

## Path to the ballot[edit]

See also: How the Colorado Constitution is amended

Two-thirds of each chamber of the Colorado General Assembly were required to vote affirmatively for a proposed amendment in order for it to go on the statewide ballot for potential voter ratification. On April 8, 2010 the House Judiciary Committee voted 7-4 in favor of sending the measure to the ballot.[1] The legislative session ended on May 12. The measure was not referred to the statewide ballot.

## See also[edit]

* 2010 ballot measures
* Colorado 2010 ballot measures

## External links[edit]

* HB 1351 history
* HB 1351 full text

## Footnotes[edit]

1. ↑ 1.0 1.1 1.2 Denver Business Journal, "Changes made to payday-lending legislation," April 8, 2010

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