Colorado Proposition 111, Limitations on Pay Day Loan Charges Initiative

  • On line enrollment: 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 November 6, 2018
Topic Banking
reputation a Approved
Type State statuteOrigin people

Colorado Proposition 111, the restrictions on cash advance Charges Initiative, ended up being in the ballot in Colorado being a state that is initiated on November 6, 2018. It absolutely was authorized.

A yes vote supported the initiative to cut back the interest that is annual on pay day loans to a annual price of 36 per cent and expel other finance costs and charges connected with payday financing.
A no vote opposed the effort to reduce the yearly rate of interest on pay day loans to an annual price of 36 per cent and expel all the finance fees and costs related to payday lending.


  • 1 Election results
  • 2 Overview
    • 2.1 just just What did this measure do?
    • 2.2 who had been behind the promotions surrounding Proposition 111?
  • 3 Text of measure
    • 3.1 Ballot name
    • 3.2 Overview and analysis
    • 3.3 complete text
    • 3.4 Readability rating
  • 4 Help
    • 4.1 Supporters
      • 4.1.1 Companies
      • 4.1.2 Officials
    • 4.2 Arguments
      • 4.2.1 formal arguments
  • 5 Opposition
    • 5.1 Opponents
    • 5.2 Arguments
      • 5.2.1 certified 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 status that is legal of lending by state
  • 10 way to the ballot
    • 10.1 The state procedure
    • 10.2 Information about this effort
  • 11 just how to throw a vote
    • 11.1 Poll times
    • 11.2 Registration needs
    • 11.3 Automatic enrollment
    • 11.4 on the web enrollment
    • 11.5 Same-day enrollment
    • 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


answers are officially certified. Supply


just just What did this measure do?

Proposition 111 ended up being made to reduce steadily the rate of interest on quick term loans—commonly referred to as payday loans—to a rate that is yearly of per cent and eliminated other finance costs and costs related to payday financing. The effort ended up being made to simply just simply take impact on 1, 2019 february. 3 4 5 6

Going to the election, the utmost costs allowed for pay day loans were as follows: 4 6

  • a fee as high as 20 % regarding the first $300 loaned,
  • a fee of 7.5 per cent for just about any quantity loaned above $300,
  • month-to-month maintenance cost as much as $30 per and month
  • an extra interest that is annual of 45 per cent.

Who was simply behind the promotions surrounding Proposition 111?

Ballotpedia identified one committee registered meant for the measure: Coloradans to quit 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 ended up being registered to oppose the measure— the State Ballot Issue Committee— which hadn’t reported any campaign finance task.

Text of measure

Ballot name

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

Shall there be an amendment into the Colorado Revised Statutes concerning limits on payday lenders, and, in connection therewith, reducing allowable fees on pay day loans to a apr of a maximum of thirty-six %? 8

Overview and analysis

The summary and analysis given to this measure when you look at the Colorado 2018 Blue Book had been 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 consumers paid an approximated $50 million in loan costs (any mix of costs and interest), having a standard price of 23 %. The Department of Law licenses and establishes guidelines for payday lenders and conducts conformity exams of the loans. The division additionally investigates and litigates instances involving lenders that are payday.

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

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