Colorado legislature at a standstill
Date: Mon, 05/16/2011 - 00:10
The Colorado legislature is designed to end for the session today. Unless the amendment to one bill is decided on, however, it might be gridlocked. The day-to-day operations of the state of Colorado might be at risk if a controversial payday lending bill isn't settled. Unless the issue is resolved within the next few hours, Colorado lawmakers may have to move into special session.
Information on the Colorado U.S. Senate Bill 78
Colorado U.S. Senate Bill 78 is an annual rules bill that was intended to create specific, enforceable rules for many of the bills passed over the last session. The Colorado Senate Bill 78 had 600 rules to address. They included anything from ski lift safety to medical marijuana dispensary licensing to school fire codes to waste disposal fees. After the bill had been passed by the House, Senate Republicans amended the bill to contain a previously dead bill that changes payday lending laws in the state.
Payday lending changes in Colorado
Colorado payday lending law changes happened last year. The fees loan providers can charge were limited. Interest rates were also capped. The origination fee is capped at $75 for short-term loans. Loan companies argued that the way the rules on this particular law were written was improper, and the Colorado House earlier this year passed legislation that allows loan providers to keep their regular origination fees. The Colorado U.S. Senate didn't pass it though. The Bill was put on with the Rules Bill by the U.S. Senate Republicans. This started the fight up all over again.
The impact for taxpayers
If the House and Senate in Colorado can't come to an agreement on Colorado U.S. Senate Bill 78, the legislature may well face a special session. A special session of the legislature could cost taxpayers 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. In short, the cost of sorting out the payday advance bill in Colorado could cost taxpayers several hundred thousand dollars.
Citations
Komo News
komonews.com/news/local/120742604.html
Denver Post
denverpost.com/breakingnews/ci_18038290
Information on the Colorado U.S. Senate Bill 78
Colorado U.S. Senate Bill 78 is an annual rules bill that was intended to create specific, enforceable rules for many of the bills passed over the last session. The Colorado Senate Bill 78 had 600 rules to address. They included anything from ski lift safety to medical marijuana dispensary licensing to school fire codes to waste disposal fees. After the bill had been passed by the House, Senate Republicans amended the bill to contain a previously dead bill that changes payday lending laws in the state.
Payday lending changes in Colorado
Colorado payday lending law changes happened last year. The fees loan providers can charge were limited. Interest rates were also capped. The origination fee is capped at $75 for short-term loans. Loan companies argued that the way the rules on this particular law were written was improper, and the Colorado House earlier this year passed legislation that allows loan providers to keep their regular origination fees. The Colorado U.S. Senate didn't pass it though. The Bill was put on with the Rules Bill by the U.S. Senate Republicans. This started the fight up all over again.
The impact for taxpayers
If the House and Senate in Colorado can't come to an agreement on Colorado U.S. Senate Bill 78, the legislature may well face a special session. A special session of the legislature could cost taxpayers 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. In short, the cost of sorting out the payday advance bill in Colorado could cost taxpayers several hundred thousand dollars.
Citations
Komo News
komonews.com/news/local/120742604.html
Denver Post
denverpost.com/breakingnews/ci_18038290
