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First shots fired in Colorado pay day loan war

DENVER– possibly no problem will underline the divide isolating state Democrats and Republicans this legislative session plus the war to rein within the payday loan industry. That war saw its first genuine skirmishes Monday in the capitol whenever approximately 150 payday-loan business owners and employees rallied beyond your building prior to a hearing on a bill that seeks to cap payday interest levels and restrict the infamous cycle of individual payday-loan financial obligation the industry is dependent upon to come up with millions in profits.

Rallying for the right to payday loan (Boven)

Payday supporters, including some state lawmakers, railed from the proposed legislation being an infringement on individual freedom so when job-killing federal government intervention. Supporters associated with the legislation state enough time has arrived at final to finish plainly predatory loan methods that target the state’s susceptible populations. Republican lawmakers sympathized outside in the rally and in the committee space with all the loan providers, whom they portrayed as victims of big federal federal government.