U.S. Senate
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(D) J. Hickenlooper*
(R) Somebody
80%
20%
Governor
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(D) Phil Weiser
(D) Joe Neguse
(D) Michael Bennet
50%
50%
50%
Att. General
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(D) M. Dougherty
(D) Jena Griswold
(D) Brian Mason
60%↑
30%↑
20%↓
Sec. of State
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(D) A. Gonzalez
(D) George Stern
(R) Sheri Davis
50%↑
40%
30%
State Treasurer
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(D) Brianna Titone
(R) Kevin Grantham
(D) Jerry DiTullio
60%↑
30%
20%↓
CO-01 (Denver)
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(D) Diana DeGette*
(R) Somebody
90%
2%
CO-02 (Boulder-ish)
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(D) Joe Neguse*
(R) Somebody
90%
2%
CO-03 (West & Southern CO)
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(R) Jeff Hurd*
(D) Somebody
80%
40%
CO-04 (Northeast-ish Colorado)
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(R) Lauren Boebert*
(D) Somebody
90%
10%
CO-05 (Colorado Springs)
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(R) Jeff Crank*
(D) Somebody
80%
20%
CO-06 (Aurora)
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(D) Jason Crow*
(R) Somebody
90%
10%
CO-07 (Jefferson County)
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(D) B. Pettersen*
(R) Somebody
90%
10%
CO-08 (Northern Colo.)
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(R) Gabe Evans*
(D) Manny Rutinel
(D) Yadira Caraveo
45%↓
40%↑
30%
State Senate Majority
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DEMOCRATS
REPUBLICANS
80%
20%
State House Majority
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DEMOCRATS
REPUBLICANS
95%
5%
May 01, 2010 02:07 AM UTC
17 Comments
And again, big thanks for putting this up.
But I’d say they will vote to accept the senate amendments (the senate version is weaker than the house bill, but still a good bill in my opinion).
If they concur, then it’s off to the governor: If they don’t concur then it is off to a conference committee and who knows what happens.
You know, this is looking to be one of the better legislative sessions on record. They’ve stepped up to address major issue after major issue rather than kicking things down the road for another year.
worry about why the legislature worries about specific businesses more tnan Real People?
I don’t care which party they belong to. They’re all assholes.
(Quotes from a Joe Watts (at the Bell) E-mail earlier today)
“HB 1351 . . . will represent a major victory for consumers.”
“House Bill 1351 offers important consumer protections for Colorado families.”
Really???
I hate to tell you, but anyone that believes either of those statements is either completely mathematically inept, . . . or ideologically blind, . . . or worse, both.
Our team has the house, the senate, and the governor’s manse and somehow the best we can do is this amended monstronsity. What happened to 36% APR? What happened to 45% APR?
As passed by the senate today, HB 1351 now means that instead of the average colorado consumer paying some $400 per year in finance charges as has been the case, EVERY COLORADO CONSUMER WHO TRANSACTS A SINGLE $500 LOAN WILL BE OBLIGATED FOR ABOUT $424 IN FINANCE CHARGES ON EVERY $500 LOAN.
And, what happens six months after the customer gets a $500 loan and then has to pay $924 to the lender? (The lender’s are not going to refinance these loans, they will have already waited six months without any income, they’re not going to wait another six months for a refinance loan to repay.) Do you really believe that there are lots of folks who don’t have $500 today, that will skrimp, and budget, and save so that they can repay $924 in six month?
What is more likely to happen is that the customer, six months into the future, in order to pay off their first loan will have to go to two new payday lenders and borrow $500 from each of those lenders (with another $424 in finance charges on each of those two loans) to be repaid in another six months. Another six months, another two $500 loans to repay each of those two loans and the poor schlep now has four $924 loans. Etc., Etc.
You’ve taken Colorado’s old cycle of debt and erected Colorado’s new PYRAMID of debt.
With friends like you guys, the average working stiff in this state doesn’t need any enemies.
If you had any real concern for anything other than a meaningless ideological victory, you’d encourage Rep. Ferrandino to pull this mess off the calendar.
Barrring that kind our unlikely courage, working folks can only hope that Governor Lame Duck will veto this nonsense.
“But the battle isn’t over.”
You’re wrong, the battle is over and Colorado consumers are once again the biggest losers.
DO the math instead of the partisan cheerleading.
Asking WTF You’re Thinking?
Raul
Let me take a wild-ass guess. You have some axe to grind. Right?
On this matter, it’s a friggin’ chainsaw my friend.
Although, I have to admit that even before today I’ve nevered suffered fools (or their foolishness) very gracefully.
otherwise, God help you.
No way, I may have just registered to post today but I’ve read this blog for months.
From the posts I remember, it’s likely you and I are likely twin sons of different mothers.
However, back to this HB1351 — It’s a mess. If it passes Colorado consumers are screwed (just in a new position), if it doesn’t pass colorado consumers will continue to be screwed (in the old position).
We have the House, the Senate, and the Governor — But instead of making a difference on this issue, the opportunity has been muffed . . . badly, horribly.
Folks can call this bill “Dorothy”, and sing her praises if they want, but take a look — it’s really still a pig.
Let’s hear your proposal for reigning in the Payday Loan industry.
You have a week or so to get it through the legislature.
The clock is ticking. What do you have to offer beyond bullshit rhetoric?
And, I’m not trying to offend you.
I did ask a few questions in my original post, that I think folks should probably consider and answer those before they start telling one another to get all warm and fuzzy for this amended bill . . .
But to answer your question, many weeks ago a much better solution that was introduced — I think it was HB1351 called for a flat 36% APR — that would have been good.
A few weeks later there was a nice solution — I think it was HB1351 and that called for a flat 45% APR — that would have been alright too.
In fact, HB1351 at 120% APR (10% per month) would still be a substantial improvement for consumers over the mish-mash-monstrosity that came out of the Senate last night/today.
That’s three quick solutions that I can think of off the top of my head.
Point is, the Dems capitulated and amended blindly without understanding the mathematics of what they created. Now it’s a utter mess.
If you disagree, I’m educable, please tell me (with the numbers from the Bill) why this is an improvement for consumers.
And what, pray tell, did the Republicans do?
What proposal do you think you can get through the Legislature? And does it solve the problem?
By the way, in New Jersey (where I grew up) you could get 120 percent on most street corners, using only your kneecaps as collateral.
. . . They did exactly what they were expected to do, act rapaciuosly.
The Dems (the majority) failed to do what I would like to believe that they should be expected to do, help someone.
What proposal would get through this legislature? I think we just saw it.
Legislators, like physicians, should probably be required to susbscibe to some type of Hippocratic Oath — First, do no harm.
Calling the Amended HB1351 a win for consumers is evidence of a different kind of oath, a hypocritic one.
I’ll agree that this sucks – big time. But it is a step forward. And for various reasons a lot of legislators bought the bullshit pushed by the loan sharks.
David, can you expand on this statement? Which reasons?
Your rhetoric, Diogenes, is impassioned, but is it accurate? I will say that I have personally witnessed situations where bills in the Capitol change from “good” to “evil” in the time it takes them to get from committee to the floor.
The payday lending industry needs reforming, but I spend too much time studying oil and gas stuff, I’m afraid, to have really educated myself on the issue.
If I understand it correctly, the legislature can fix it and the governor can refuse to sign it, so there are still opportunities to get it right…right?
If he says it’s good enough, I trust him on this one. If he says kill it, like he did last year, then it’s crap. And either way, the payday loan industry is slime preying on our poor and granted excessive profits via an exception to the usury laws.
I see you are taking heat for signing up to post this. At least this is not the usual garbage stuff that shows.
You state pretty much what I thought of the Senate version. The short sentence is it Stinks.
Once again those who I would call good Dems completely go nuts for supporting the loan shark business. I am surprised they did not amend in something about making broken kneecaps and fingers as a legal loan condition upon default of the loan.
It is very sad that our Colorado Democratic Party legislative members find fit to uphold a consumer ripoff that in all other circumstances would be run out of town and Colorado. However, there must be some good that is unheard of except to legislators that the loan sharks do. Other than destroying peoples lives.
Someday I hope to see these people out of Aurora and Colorado. Or at least return to the original regulations and controls that reign in the virtually unlimited booty given them by Owens and the R’s.