"I still believe that they are the new loan sharks of the 21st century," she said.
Stories of quick cash and high interest rates like Medlock's are driving legislation at the Capitol this year to sock it to "predatory lenders."
"Not even the mob can charge as high of interest rates," said Rep. Mark Ferrandino, a Denver Democrat who announced a bill Thursday that would muzzle the industry. "This legislation will help hardworking men and women in Colorado who are living paycheck to paycheck."
In what they say is the toughest crackdown on payday lenders in the nation, lawmakers want to cap the annual interest rate on payday loans at 36 percent and prohibit lenders from giving people with unpaid loans more money. Lenders would have to check a database to see whether customers are already in debt.
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