A supervised lender includes a company whose name appears on a promissory note as the creditor to whom the debt is originally payable even if the loan is immediately or later sold, assigned, or funded by another company or financing source. Companies that buy or take assignment of supervised loans are also considered supervised lenders. A mortgage broker who only puts the consumer and lender together and whose name does not appear as the creditor or lender on the promissory note is not a supervised lender. A supervised lender is subject to periodic unannounced compliance examinations, must respond to examination reports, and must file an annual statistical report each June 1. Licenses are renewed each January 31 by the filing of a supervised lender notification form and payment of the license fee for that year for each initial, master, and branch office license.
Fees are subject to change.
Consumer insurance premium lenders must also pay a volume fee based on the prior year's business. Once licensed, you will receive annual license renewal forms prior to the January 31 due date. Failure to file the required notification form and pay the appropriate license renewal fees may result in financial penalties, expiration of your license, and the inability to extend credit. The Colorado Rental Purchase Agreement Act was enacted in 1990. It regulates the rent to own business and is enforced by the UCCC Administrator.