Proposition 111 Could Crush Payday Lending In Colorado

DENVER, CO – By Mara Abbott for The Colorado Independent. It was a cold October morning and the Rev. Timothy Tyler was preaching from a corner on Denver’s 16th Street Mall.

“It is time for people of conscience to join together to do the right thing, to begin the process of lifting up those who cannot lift up themselves!” said the pastor from Shorter Community AME Church, his booming voice echoing down downtown Denver’s busiest concrete corridor.

About 20 people were crowded around him – some dressed for worship, some wearing toothy “loan shark” headdresses – nodding in agreement and chanting “Vote yes on Proposition 111!”

The statewide measure on this November’s ballot seeks to limit the total interest and fees charged by payday lenders to 36 percent. In 2016, Colorado’s average rate was 129 percent, almost eight times higher than the current record-high annual 17.07 percentage rate (APR) of on a credit card.

Faith leaders, economic justice advocates, veterans, elected officials from both parties and civil rights organizations have galvanized around the initiative to curb one of Colorado’s most predatory lending practices. Though lenders say the measure will force them out of business, as similar initiatives have in other recently regulated states, they’ve so far organized no opposition in Colorado.

READ MORE in The Colorado Independent

Image: The Rev. Timothy Tyler rallies Proposition 111 supporters on the 16th Street Mall. (Photo by Mara Abbott)