Payday lenders, property owners proposals qualify

Two separate initiatives that would limit the payday lending industry’s interest rates and give property owners compensation when government actions impact property values will be on the November ballot, Colorado Secretary of State Wayne Williams said Tuesday.

The payday lending proposal, Initiative 126, would limit the finance charges on payday loans to a maximum annual percentage rate of 36 percent. The measure also eliminates other financing charges and fees that drive payday loan costs, according to the proposal’s fiscal impact statement.

The payday lending initiative’s organizers submitted 189,297 signatures. The Secretary of State’s office projects that it has 112,998 valid signatures, which is above the 98,492 threshold needed to go on the ballot.

Initiative 108 would amend the state constitution and require property owners to receive “just compensation” when government laws or regulations cause their property’s fair market value to drop. Organizers submitted 209,111 signatures, and the Secretary of State’s office projects that 137,029 are valid.

Two separate proposals to increase transportation funding already have qualified for the ballot.

Initiatives still under review would increase the setback requirements for oil and gas wells and allow candidates to raise fivefold beyond existing campaign finance limits when their opponent gives more than $1 million to their campaign.

The Secretary of State’s Office has a Sept. 5 deadline to review signatures and determine if they qualify.