RE: Return the dirty money now!

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ProgressNow Colorado Dear Friend, A shocking update to the story of John Suthers' questionable campaign donations from payday lenders was published in today's Grand Junction Sentinel. According to legal counsel for Governor Ritter, the rules Suthers' office wrote to regulate payday lending would actually allow lenders to charge more in fees, rather than less as the law intended. Proposed payday loan rule 'absurd,' says Ritter's attorney http://progressnowcolorado.pnstate.org/site/R?i=0Cw1KtsjIlWpv5Z0MEDzDg.. Charles Ashby, Grand Junction Sentinel ...Under the old law, those fees and rates could amount to as much as 520 percent per year. The new law limits fees to $7.50 a month for every $100 loaned, and an interest rate of no more than 45 percent. In a letter to Attorney General John Suthers' office this week, Welling said one rule could result in fees and rates far higher than allowed under the old law. "A borrower who repaid a loan ... would pay a $60 nonrefundable finance charge (on a $300, two-week loan) as well as $5.19 in prorated interest, for a total 565 percent annual percentage rate," Welling wrote. "Increasing the annual percentage rate from 520 percent to 565 percent would frustrate legislative intent to the point of absurdity." An advocacy group, Coloradans for Payday Lending Reform, echoed Welling's comments in a similar letter, saying that's not what the Colorado Legislature intended when it approved the new law during this year's session. If true, it's a blatant subversion of the legislature's intent to crack down on abusive, predatory payday lenders--and after Suthers took over $10,000 from payday lenders during the time his office was drafting the new rules, this reeks of the worst kind of corrupt backroom dealing. If you haven't already, please sign our petition demanding that Suthers immediately return donations he received from the payday lending industry while his office drafted these proposed new rules. http://progressnowcolorado.pnstate.org/site/R?i=n2cC_nUjxf58vLfr8PYBZw.. http://progressnowcolorado.pnstate.org/site/R?i=Qhnlk_M_Heyj9sFFmazvyA.. http://progressnowcolorado.pnstate.org/site/R?i=i6Pz0F6vK_O4pHSm16ugWg.. And the time is now to make sure your friends and neighbors get the facts. Please forward this email widely, and post the above link to your Facebook page or website. With each passing day this scandal deepens, and these protections for Colorado's most economically vulnerable citizens are too important to be gutted behind closed doors. Thanks for doing your part. Kjersten ---------- Original message ---------- From: Kjersten Forseth, ProgressNow Colorado <[email protected]> Date: Tue, Aug 24, 2010 at 9:33 AM Subject: Return the dirty money now! Dear Friend, Suthers Payday Lending Last week, nonpartisan watchdog group Colorado Ethics Watch called on Attorney General John Suthers to immediately give back a sudden burst of donations he received from the payday lending industry-donations received at the same time his office is drafting new rules restricting predatory payday lending in Colorado. What's worse, a legislative staffer has asserted that the new rules are not as strict as the law requires! The obvious conflict of interest this represents is very serious. http://progressnowcolorado.pnstate.org/site/R?i=-YS-y32uXQWIbqMM-oWpHg.. Click below to demand Suthers immediately return the thousands he recently received from payday lenders: http://progressnowcolorado.pnstate.org/site/R?i=XL5attB2QY3dCq8AbMrebA.. http://progressnowcolorado.pnstate.org/site/R?i=Pvi4Yd29LG9jirtut_yr9A.. http://progressnowcolorado.pnstate.org/site/R?i=2ZkVIzWtb_WX0uOQ9eJqmA.. As the state's highest law enforcement officer, Suthers has the strictest obligation to remain free of conflicts of interest. According to the Grand Junction Sentinel last week, with further reporting by the Durango Herald, Suthers received over $10,000 from PACs and donors associated with the payday lending industry in recent weeks. Prior to this, Suthers had never received significant contributions from the payday lending industry (Grand Junction Sentinel, 8/14/2010). At the same time Suthers' re-election campaign accepted these donations, Suthers' office was drafting new rules governing the predatory payday lending industry, as mandated by the Colorado legislature's passage this year of tough reforms to protect consumers, and limit the exorbitant interest charged by these lenders. Limits on payday lending had been sought for many years unsuccessfully by ProgressNow Colorado and a broad coalition of consumer advocacy organizations. After everything we have fought for to reform predatory payday lending, is Attorney General Suthers stabbing Colorado consumers in the back? John Suthers opposed House Bill 1351, and has continued to disparage the legislation as a defense against questions about his office's handling of the proposed new rules. But according to a legislative staffer interviewed by the Sentinel, Suthers' proposed rules are not as strict on payday lenders as the law signed by the Governor. We can't allow dirty payday loan money to influence the judgment of our highest elected officials. Sign our petition-demand that Suthers immediately return these donations from the payday loan industry. http://progressnowcolorado.pnstate.org/site/R?i=iikEvLKlVQD1EkzQlJ--Kg.. http://progressnowcolorado.pnstate.org/site/R?i=0-qbChLsy9RisO4qAdaPSg.. http://progressnowcolorado.pnstate.org/site/R?i=czZ51AsG2VL2MYTnq5cH4A.. Under the old rules, payday lenders made $75 to loan $500 for two weeks or less. That means the payday lenders had to exploit nearly 140 Coloradans to give Suthers his $10,000. That's reason enough for Suthers to be ashamed, but to take this money while weakening the new protections that ProgressNow Colorado members, and concerned citizens around the state fought for year after year, would be totally unacceptable. Don't let Suthers get away with it. http://progressnowcolorado.pnstate.org/site/R?i=N49peqRmpkgGqCp6c6bI5g.. And thanks for standing up for integrity in Colorado's highest public officials. Sincerely, Kjersten Forseth ProgressNow Colorado © 2010 ProgressNow Colorado. All rights reserved. You received this mailing because you either subscribed to the ProgressNowColorado.org mailing list, or were referred by another user. This email was sent to: [email protected] Unsubscribe: http://progressnowcolorado.pnstate.org/site/CO?i=1dep7hMf_E5EJH0Ah2LSwginXiyN_5PI&cid=1144 View Message as a Web Page: http://progressnowcolorado.pnstate.org/site/R?i=GLyS14sVShTVCpFFjHHPxQ.. Tell a Friend: http://progressnowcolorado.pnstate.org/site/R?i=ZdvIvxNHWSvjcRSJqPFNdA..