Colorado's payday lenders will face more limitations after passage of Proposition 111 on Tuesday.

Proposition 111 caps the annual interest rate on payday loans at 36 percent and eliminates other finance charges and fees. The law takes effect Feb. 1.

The measure had 77 percent approval from Colorado voters, according to final, unofficial results from the Secretary of State's Office.

Currently, Colorado's payday lenders can legally charge more than 200 percent interest for all loans "targeted at customers who are often in dire straits."

Colorado and 15 other states, plus Washington, D.C., had ballot initiatives to cap rates at 36 percent or less.

In 2010, Colorado cracked down on payday loans, reducing the cost of loans, extending the minimum loan term to six months, prohibiting the sale of ancillary products and making origination fees proportionately refundable, which lessened consumers' incentive to take on a new loan the minute one was repaid, according to the Center for Responsible Lending.

That law resulted in the growth of high-cost installment payday loans, CRL said.

The average annual percentage rate for payday loans in Colorado was 129.5 percent in 2016, "with evidence of continued flipping that keeps many consumers mired in debt for more than half the year," according to the the campaign supporting Proposition 111.

The Center for Responsible Lending also found that areas in Colorado with more than half of primarily African-American and Latino neighborhoods were almost twice as likely to have a payday loan store than other areas and seven times more likely to have a store than predominately white areas.

The average payday loan in 2016 was $392 but cost borrowers an additional $49 for monthly maintenance fees, $38 for origination fees and $32 in interest, according to a Colorado Attorney General's Office report.