Colorado to Crackdown on Payday Loan Dealers

Payday loan businesses are nothing more but loan sharks and criminals in the guise of corporate respectability. Their greedy predatory practices and exploitation of society's most fragile and desperate individuals and families is one of the ugliest aspects in modern American society. With rates that effectively gouge consumers at over 350 % annual interest, it is no wonder a backlash is growing against these fiends. Some payday loan businesses are strongly rumored to have connections with funding for terrorist organizations in Europe and Asia. A number of additional states have started to consider enacting laws to strongly regulate these shysters, often to the point of extermination. Twelve states [Connecticut, Georgia, Maine, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia] have usury laws in place that already strongly regulate these exploitative businesses. The legislation being proposed in Colorado is a strong start on ridding communities of this blight.

http://www.denverpost.com/business/ci_8277943

http://www.predatorylendingassociation.com/

http://www.bankrate.com/brm/news/debt/20050912b1.asp

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