Fact check: Does Colorado law enable payday loan providers to charge over 200% interest on tiny loans?

A Colorado team campaigning to restrict prices for whatever they call pay day loans claims that «current legislation enables payday loan providers to charge significantly more than 200% interest for little loans directed at clients that are frequently in serious straits.» 1 The claim is in help of Proposition 111, a Colorado ballot measure to cap finance that is annual at 36 % for small-dollar loans. 2

May be the claim because of the group avoid Predatory payday advances valid?