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BREAKING: Hickenlooper VETOES Interest Rate Hike Bill - See more at: http://coloradopols.com/#sthash
I'll bet the loan sharks are pissed, wasting all that money on bribes, oops lobbying, the state legislature.
“While we certainly see the benefits of offering the loan and credit products that are considered in this legislation, it has not been clearly demonstrated that access to such loans is under threat,” Hickenlooper said in his veto letter.
The governor “was particularly struck” by testimony provided by the Attorney General’s office during a legislative committee hearing. That testimony included an analysis that indicated that changes to interest rate structures would not make these loans more available.
The bill sought to raise the maximum amount of interest charged for supervised loans from 21 to 36 percent for loans up to $3,000. Interest charges would spike from 15 to 21 percent on loans that carry balances of $3,000 to $5,000.
“These changes would result in a 200 percent increase in the loan amount allowed in the 36 percent interest rate tier and a two-thirds increase in the 21 percent interest rate tier,” Hickenlooper said.
- See more at: http://coloradopols.com/#sthash.Q9NWrNdx.dpuf
The governor “was particularly struck” by testimony provided by the Attorney General’s office during a legislative committee hearing. That testimony included an analysis that indicated that changes to interest rate structures would not make these loans more available.
The bill sought to raise the maximum amount of interest charged for supervised loans from 21 to 36 percent for loans up to $3,000. Interest charges would spike from 15 to 21 percent on loans that carry balances of $3,000 to $5,000.
“These changes would result in a 200 percent increase in the loan amount allowed in the 36 percent interest rate tier and a two-thirds increase in the 21 percent interest rate tier,” Hickenlooper said.
- See more at: http://coloradopols.com/#sthash.Q9NWrNdx.dpuf