by KennethQ » Mon May 23, 2011 09:22 am
The Colorado legislature is intended to end for the session today. Unless the amendment to one bill is decided on, however, it could possibly be gridlocked. Unless a controversial payday lending amendment is decided on, Colorado could be at a standstill. A rules bill that deals with day-to-day operations of the state is at risk over this amendment. There's a possibility of a special session in Colorado. If the payday advance issue isn't resolved within hours, the special session could cost the legislature thousands.
Colorado U.S. Senate Bill 78
Colorado U.S. Senate Bill 78 is an annual rules bill that was meant to create specific, enforceable rules for several of the bills passed over the last session. There are about 600 individual rules addressed in Senate Bill 78, including solid waste disposal fees, fire codes in schools, licensing of medical weed dispensaries and ski lift safety. Senate Republicans amended the bill to change payday lending laws in the state after it was passed by the House.
What could change with payday lending in Colorado
Colorado payday lending law changes occurred last year. The fees and interest rates that loan companies could charge were severely limited. The origination fee is capped at $75 for short-term loans. The rules on this law were considered improper by many loan companies. The Colorado House then passed a law that stated the origination fees may be kept by businesses. The bill died in the Colorado Senate. However, Senate Republicans tacked the bill back onto the Rules Bill as an amendment, re-igniting debate on the controversial issue.
How working class individuals are impacted
If the House and Senate in Colorado can't come to an agreement on Colorado Senate Bill 78, the legislature may well face a special session. A special session of the legislature could cost working class individuals several thousand dollars per day. It costs $50,000 a day for a special session in New York. In Washington it is $20,000 a day. Taxpayers may end up having to pay hundreds of thousands of dollars if they are not able to determine the Colorado cash advance problem.
Citations
Komo News
komonews.com/news/local/120742604.html
Denver Post
denverpost.com/breakingnews/ci_18038290
Colorado U.S. Senate Bill 78
Colorado U.S. Senate Bill 78 is an annual rules bill that was meant to create specific, enforceable rules for several of the bills passed over the last session. There are about 600 individual rules addressed in Senate Bill 78, including solid waste disposal fees, fire codes in schools, licensing of medical weed dispensaries and ski lift safety. Senate Republicans amended the bill to change payday lending laws in the state after it was passed by the House.
What could change with payday lending in Colorado
Colorado payday lending law changes occurred last year. The fees and interest rates that loan companies could charge were severely limited. The origination fee is capped at $75 for short-term loans. The rules on this law were considered improper by many loan companies. The Colorado House then passed a law that stated the origination fees may be kept by businesses. The bill died in the Colorado Senate. However, Senate Republicans tacked the bill back onto the Rules Bill as an amendment, re-igniting debate on the controversial issue.
How working class individuals are impacted
If the House and Senate in Colorado can't come to an agreement on Colorado Senate Bill 78, the legislature may well face a special session. A special session of the legislature could cost working class individuals several thousand dollars per day. It costs $50,000 a day for a special session in New York. In Washington it is $20,000 a day. Taxpayers may end up having to pay hundreds of thousands of dollars if they are not able to determine the Colorado cash advance problem.
Citations
Komo News
komonews.com/news/local/120742604.html
Denver Post
denverpost.com/breakingnews/ci_18038290
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