Politics and judicial activism go hand in hand and the state of Colorado is no different. Due to the increasing influx of students and younger people into Denver and Boulder, much of the state’s landscape is changing. In the political scene, the state is now a battleground, which means that politicians are doing more to get their position solidified. Many of the Colorado payday loan laws are being used as a way for politicians to tout their own progress and show their willingness to put the people before the rights of the large payday lending companies. Below is an overview of some of the laws that have been enacted to protect you and your family.
Colorado Payday Loan Laws for Your Protection
One of the main things that Colorado has done for your own protection is to stop the payday loan trap dead in its tracks. In many states it is okay for a single borrower to get multiple payday loans so long as they are aware of the higher interest rates and multiple lenders that they need to pay. However, the Colorado payday loan laws offer the protection to the people who might not be able to help themselves. They have limited each borrower to a single payday loan from licensed companies in the state. In order to avoid the payday loan trap, this is one of the only laws that can be implemented. Thankfully, the people of Colorado have done so.
The length of the loan has also been extended past the number of days that most states require. While 15 days is the norm in some states, 40 days is the law in Colorado. This is further evidence of the Colorado payday loan laws protecting the consumers of the state.
Licensing within Colorado Payday Loan Laws
Another main issue that deals with consumer concern is the issuing of licenses for companies to conduct their business within the state. Every online lender, arguably one of the most dangerous kinds, must be licensed within the state of Colorado in order to continue working. The CheckCity online lender has been able to get the license within the state, which means that it is helpful to consumers in a way that the state continues to watch. Thankfully, these licensing ploys allow the government to watch companies to make sure they are not taking advantage of people who are unable to defend themselves.
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