Colorado Payday Loans Amendment (2010)
|Not on Ballot|
| This measure did not or |
will not appear on a ballot
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%.
Path to the ballot
- 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. The legislative session ended on May 12. The measure was not referred to the statewide ballot.
State of Colorado
|State executive officers||
Governor | Lieutenant Governor | Attorney General | Secretary of State | Treasurer | Commissioner of Education | Commissioner of Insurance | Commissioner of Agriculture | Executive Director of Natural Resources | Executive Director of Labor and Employment | Chair of Public Utilities |