State and federal authorities are struggling with usury and interest rate cap limitations as new technologies change the way that financial services are delivered and allow some lenders to circumvent them. Many states are opting for traditional solutions that may actually be worse than the abuses they are trying to prevent. On Wednesday of this week, Colorado enacted legislation opting out of a federal law that allows out-of-state banks to avoid adhering to their usury laws. In contrast, the actions by federal authorities to prevent a national patchwork of state interest rate caps from constraining commerce and broader financial markets by undercutting the “valid when made rule” were u
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