Colorado Proposition 111, Limitations on Pay Day Loan Charges Initiative

Colorado Proposition 111, Limitations on Pay Day Loan Charges Initiative

  • On the web registration: Yes
  • Same-day enrollment: Yes
  • Voter ID: Non-photo ID required for in-person voting
  • Poll times: 7:00 a.m. to 7:00 p.m.


Colorado Proposition 111
Election date 6, 2018
Topic Banking
Status a Approved
Type State statute Origin Citizens november

Colorado Proposition 111, the restrictions on pay day loan Charges Initiative, had been from the ballot in Colorado being a state that is initiated on November 6, 2018. It absolutely was authorized.

A yes vote supported the effort to lessen the interest that is annual on pay day loans to an annual price of 36 per cent and eliminate all the finance fees and costs related to payday lending.
A no vote opposed the effort to cut back the yearly interest on pay day loans to an annual price of 36 % and eliminate all the finance costs and costs related to payday lending.


  • 1 Election results
  • 2 Overview
    • 2.1 exactly just What did this measure do?
    • 2.2 Who had been behind the promotions Proposition that is surrounding 111?
  • 3 Text of measure
    • 3.1 Ballot name
    • 3.2 Overview and analysis
    • 3.3 Comprehensive text
    • 3.4 Readability rating
  • 4 Help
    • 4.1 Supporters
      • 4.1.1 Businesses
      • 4.1.2 Officials
    • 4.2 Arguments
      • 4.2.1 certified arguments
  • 5 Opposition
    • 5.1 Opponents
    • 5.2 Arguments
      • 5.2.1 formal arguments
  • 6 Media editorials
    • 6.1 Help
    • 6.2 Opposition
  • 7 Polls
  • 8 Campaign finance
    • 8.1 Help
      • 8.1.1 Donors
    • 8.2 Opposition
    • 8.3 Methodology
  • 9 Background
    • 9.1 pay day loans
    • 9.2 Legal status of payday lending by state
  • 10 road to the ballot
    • 10.1 The state process
    • 10.2 Facts about this effort
  • 11 Simple tips to throw a vote
    • 11.1 Poll times
    • 11.2 Registration demands
    • 11.3 automated enrollment
    • 11.4 on line enrollment
    • 11.5 registration that is same-day
    • 11.6 Residency demands
    • 11.7 Verification of citizenship
    • 11.8 confirming your enrollment
    • 11.9 Voter ID requirements
      • 11.9.1 Background
  • 12 See also
  • 13 exterior links
    • 13.1 Help
    • 13.2 Opposition
  • 14 Footnotes

Election results

Colorado Proposition 111

Outcome Votes Percentage
No 549,357 22.75%

email address details are formally certified. Supply


Just What did this measure do?

Proposition 111 ended up being made to lessen the interest on quick term loans—commonly called payday loans—to a rate that is yearly of per cent and eliminated all the finance fees and costs connected with payday financing. The effort ended up being made to just just take influence on 1, 2019 february. 3 4 5 6

Going to the election, the most costs allowed for payday advances had been the following: 4 6

  • a cost all the way to 20 per cent regarding the first $300 loaned,
  • a fee of 7.5 % for just about any quantity loaned above $300,
  • month-to-month maintenance charge as much as $30 per thirty days, and
  • yet another interest that is annual of 45 %.

Who had been behind the promotions surrounding Proposition 111?

Ballotpedia identified one committee registered meant for the measure: Coloradans to end Predatory pay day loans. The committee reported efforts of $2.19 million and expenses totaling $2.26 million. The donor that is largest ended up being the Sixteen Thirty Fund, which offered $2.08 million. 7

One committee had been registered to oppose the measure— the continuing State Ballot Issue Committee— which hadn’t reported any campaign finance activity.

Text of measure

Ballot name

The ballot name with this effort had been as follows: 3

Shall there be an amendment towards the Colorado Revised Statutes concerning limits on payday lenders, and, in connection therewith, reducing allowable costs on payday advances to a annual percentage rate of no more than thirty-six per cent? 8

Summary and analysis

The summary and analysis given to this measure within the Colorado 2018 Blue Book was the following: 9

Back Ground. Pay day loans are little, easy-to-access short-term loans that don’t require a credit check. In 2016, about 207,000 people in Colorado secured over 414,000 pay day loans. These loans totaled over $166 million, and customers paid an believed $50 million in loan costs (any mix of costs and interest), with a standard rate of 23 %. The Department of Law licenses and establishes guidelines for payday lenders and conducts conformity exams of these loans. The division additionally investigates and litigates instances involving lenders that are payday.

Apr (APR). The APR could be the total loan expense indicated as being an annual price and includes the interest in the loan quantity, origination costs, and month-to-month upkeep charges. The APR differs for a basis that is daily, due to the method maintenance charges are organized in Colorado, has a tendency to increase throughout the lifetime of the mortgage. In 2016, the normal APR on payday advances in Colorado had been 129 %.

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