Vote NO on Colorado HB-1351

To: The Colorado General Assembly

We, the undersigned, strongly believe that Colorado House Bill 1351 does not meet the best interests of Colorado citizens. The bill risks nearly 1,600 Colorado jobs and now is not the time to pass this harmful piece of legislation.

HB 1351 calls for voters to decide whether to impose an arbitrary and unfounded cap on the fees payday advance companies can charge for their products. The 36\% interest rate cap equivalent proposed in the bill amounts to a death knell for the payday advance industry in Colorado, as has already been demonstrated in four other states where similar fee caps have been imposed. Applying a 36\% APR cap would limit fees to $1.38 per $100 loaned (on a two week loan), amounting to a 93\% cut in revenues that would leave enough to barely keep the lights on much less fund salaries, benefits and expenses.

Please support Colorados working families and do vote "NO" on this bill.