Colorado Payday Loans Amendment (2010)
From Ballotpedia - Reading time: 2 min
| Not on Ballot |
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| This measure was not put on an election ballot |
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]
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Footnotes[edit]
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State of Colorado Denver (capital) |
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