A bill to significantly limit interest rates on payday loans stalled in the House on Friday as Democratic supporters struggled to find enough votes to pass it.
House Bill 1351 would limit the interest on payday loans to no more than 36 percent as an annual percentage rate.
Attempts to put new limits on payday lenders have failed in recent years amid bipartisan opposition. And as the debate wore on in the House on Friday afternoon, Democratic leaders agreed to table the bill as two of their members were absent from the chamber because of other commitments.
“There was some concern about the vote,” the bill’s sponsor Rep. Mark Ferrandino, D-Denver, said later. He said the margin was as close as one vote.
The House is expected to take up the bill again this week, and it could be sent back to committee for a rewrite.
