The Online Lenders Alliance, a trade group that represents high-cost lenders, cautioned other states against following Colorado’s lead, saying that the new law will be bad for both consumers and the banks that partner with high-cost lenders.
“Any state that goes along with this misguided effort will be creating a lose-lose proposition for community banks and consumers — especially those who struggle with access to credit,” Andrew Duke, the group’s executive director, said in a statement.
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