Openly gay Colorado state Rep. Mark Ferrandino has co-sponsored a bill that he calls”the most comprehensive payday loan bill in the nation.”
The Victory Fund-endorsed candidate’s plan would cap annual interest rates on payday loans at 36 percent and disallow lenders from making arrangements with customers who already have unpaid loans, according to The Denver Business Journal.
“As it stands, the mob charges lower interest rates than payday lenders,” Ferrandino told The Gazette.
Ferrandino’s primary is August 12.
