reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-115 - Records and annual reports

A lender shall maintain records and file an annual report in accordance with section
5-2-304
.
L. 2000: Entire article added, p. 442, § 1, effective July 1. L. 2001: Entire section amended, p. 30, § 10, effective March 9.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-116 - License requirement

In accordance with section
5-2-301
, no person shall engage in the business of deferred deposit loans without having first obtained a supervised lender's license pursuant to section
5-2-302
. A separate license shall be required for each location where such business is conducted.
L. 2000: Entire article added, p. 442, § 1, effective July 1. L. 2001: Entire section amended, p. 30, § 11, effective March 9.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-117 - Examination and investigation

A lender may be examined and investigated in accordance with section
5-2-305
.
L. 2000: Entire article added, p. 443, § 1, effective July 1. L. 2001: Entire section amended, p. 30, § 12, effective March 9.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-118 - Denial of license - discipline

(1)
The administrator may deny a license or discipline a lender in accordance with sections
5-2-302
,
5-2-303
, and
5-2-306
.
(2)
(a)
If the administrator finds that a lender has violated the code, articles
1
to
9
of this title, the administrator shall notify the lender in writing of such violations and the actions the lender must take to cure the violations. The administrator shall allow the lender thirty days after the postmark date of the notice, or the date of delivery if not mailed, to cure the violations before taking disciplinary action in accordance with subsection (1) of this section. If the administrator determines that such lender has performed such actions contained in such notice, the lender shall not be liable for the violations that have been cured.
(b)
This subsection (2) shall not apply if the lender violated the code, articles
1
to
9
of this title, in a repeated or willful manner.
(c)
If an alleged violation of the code, articles
1
to
9
of this title, is the result of a bona fide clerical oversight or computer-based error and not the product of the lender's established lending practices, and the alleged violation can be corrected without material change to the terms and conditions of a consumer's loan, the lender shall have thirty days after the postmark date of the notice, or the date of delivery if not mailed, to cure the alleged violation without incurring any fine or penalty or any required refund of any finance charges associated with the alleged violation. Nothing in this subsection (2) shall exempt a lender from making required refunds if the violation resulted in an overcharge or excess charge to the consumer.
(3)
A lender shall have ninety days to comply with any rule, interpretation, or opinion of the administrator that requires a lender to implement new policies or procedures that involve the reprinting of the lender's forms to include new disclosures, or that requires the lender to revise existing computer programs or add new computer programs to comply with the rule, interpretation, or opinion. During the ninety-day period, the administrator shall not deem the lender to be in violation of articles
1
to
9
of this title for noncompliance with the new rule, interpretation, or opinion.
L. 2000: Entire article added, p. 443, § 1, effective July 1. L. 2001: (1) amended, p. 30, § 13, effective March 9. L. 2004: (2) amended and (3) added, p. 319, § 7, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-119 - Applicability of other provisions of this title

The provisions of the code, articles
1
to
9
of this title, apply to a lender unless such provisions are inconsistent with this article.
L. 2000: Entire article added, p. 443, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-120 - Criminal culpability

A consumer shall not be subject to any criminal penalty for entering into a deferred deposit loan agreement. A consumer shall not be subject to any criminal penalty in the event the instrument is dishonored, unless the consumer's account on which the instrument was written was closed before the agreed upon date of negotiation, subject to the provisions of section
18-5-205
, C.R.S.
L. 2000: Entire article added, p. 443, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-121 - Unfair or deceptive practices

(1)
No person shall engage in unfair or deceptive acts, practices, or advertising in connection with a deferred deposit loan.
(2)
No person may engage in any device, subterfuge, or pretense to evade the requirements of this article, including making loans disguised as a personal property sale, and leaseback transaction; disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; or making, offering, guaranteeing, assisting, or arranging a consumer to obtain a loan with a greater rate of interest, consideration, or charge than is permitted by this article through any method including mail, telephone, internet, or any electronic means regardless of whether the person has a physical location in the state.
Amended by 2018 Proposition 111, approved by the voters in the November 6, 2018 election, eff. 2/1/2019.
L. 2000: Entire article added, p. 443, § 1, effective July 1. L. 2010: Entire section amended, (HB 10-1351), ch. 1224, p. 1224, § 7, effective August 11. Initiated 2018: (2) amended, Proposition 111, L. 2019, p. 4540, § 4, effective 2/1/2019, proclamation of the Governor issued December 19, 2018.
For the legislative declaration in the 2010 act amending this section, see section 1 of chapter 267, Session Laws of Colorado 2010.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-122 - Unconscionability

(1)
In applying the provisions of sections
5-5-109
and
5-6-112
to the actions of a lender, consideration shall be given to the following, among other factors:
(a)
The financial benefits of the loan to the consumer and the level of risk incurred by the lender in extending credit;
(b)
The absence of collateral other than the instrument executed by the consumer payable to the lender;
(c)
The relation between the amount and terms of credit granted and the cost of making the loan.
(2)
A lender shall require a consumer to fill out a loan application at least once in each twelve-month period of time and shall maintain this application on file. The application shall be signed and dated by the consumer.
(3)
(a)
A lender shall require the consumer to provide a pay stub or other evidence of income at least once each twelve-month period. Such evidence shall not be over forty-five days old when presented. If a lender requires a consumer to present a bank statement to secure a loan, the lender shall allow the consumer to delete from the statement the information regarding to whom the debits listed on the statement were payable.
(b)
If the amount borrowed is not more than twenty-five percent of the consumer's monthly gross income and benefits, as evidenced by a paycheck stub or otherwise substantiated, a lender shall not be obligated to investigate the consumer's continued debt position, and the consumer's ability to repay the loan need not be further demonstrated.
(4)
If a lender complies with the requirements of subsections (2) and (3) of this section, and the deferred deposit loan otherwise complies with this article and other applicable law, neither the consumer's inability to repay the loan nor the lender's decision to obtain or not obtain additional information concerning the consumer's creditworthiness shall be cause to determine that a loan is unconscionable.
L. 2004: Entire section added, p. 320, § 8, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-123 - Use of multiple agreements for deferred deposit loans

If a consumer obtains a deferred deposit loan voluntarily and separately from his or her spouse and the consumer's action is documented in writing, signed by the consumer, and retained by the lender, the transaction shall not be considered a violation of section
5-3-205
.
L. 2004: Entire section added, p. 320, § 9, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.5 - CONSUMER EQUITY PROTECTION (§§ 5-3.5-101 — 5-3.5-303) › Part 1 - OBLIGOR PROTECTION (§§ 5-3.5-101 — 5-3.5-104) › Section 5-3.5-101 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Bridge loan" means temporary or short-term financing with a maturity of less than eighteen months that requires payments of only interest until the entire unpaid balance is due and payable.
(2)
"Covered loan" means a consumer credit transaction secured by property located within this state that is considered a mortgage under section 152 of the federal "Home Ownership and Equity Protection Act of 1994",
15 U.S.C. sec. 1602(aa)
, as amended, and regulations adopted pursuant thereto by the federal reserve board, including, without limitation,
12 CFR 226.32
, as amended; except that, if the total points and fees paid by the obligor at or before closing exceed six percent of the total loan amount, such loan shall be deemed to be a covered loan if the transaction otherwise meets the requirements of this subsection (2).
(3)
"Lender" means any individual or entity that originates one or more covered loans. The individual or entity to whom a covered loan is initially payable, either on the face of the note or contract or by agreement when there is no note or contract, shall be deemed to be the lender.
(4)
"Mortgage broker" means a person other than an employee or exclusive agent of a lender who, for compensation, brings an obligor and lender together to obtain a covered loan.
(5)
"Obligor" means each obligor, co-obligor, co-signer, or grantor obligated to repay a covered loan.
(6)
"Political subdivision" means a county, city and county, city, town, service authority, school district, local improvement district, law enforcement authority, city or county housing authority, or water, sanitation, fire protection, metropolitan, irrigation, drainage, or other special district or any other kind of municipal, quasi-municipal, or public corporation organized pursuant to law.
(7)
"Principal balance" means the amount financed plus prepaid finance charges as defined in the federal "Truth in Lending Act",
15 U.S.C. sec. 1601
et seq., as amended.
(8)
"Servicer" has the same meaning as set forth in section 2605 (i)(2) of the federal "Real Estate Settlement Procedures Act of 1974",
12 U.S.C. sec. 2601
et seq., as amended.
L. 2002: Entire article added, p. 1594, § 1, effective June 7. L. 2003: (2) amended, p. 1894, § 8, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.5 - CONSUMER EQUITY PROTECTION (§§ 5-3.5-101 — 5-3.5-303) › Part 1 - OBLIGOR PROTECTION (§§ 5-3.5-101 — 5-3.5-104) › Section 5-3.5-104 - Reporting to credit bureaus

A lender or its servicer shall report at least quarterly both the favorable and unfavorable payment history information of the obligor on payments due to the lender on a covered loan to a nationally recognized consumer credit reporting agency. This section shall not prevent a lender or its servicer from agreeing with the obligor not to report specified payment history information in the event of a resolved or unresolved dispute with an obligor, and shall not apply to covered loans held or serviced by a lender for less than ninety days.
L. 2002: Entire article added, p. 1600, § 1, effective June 7.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.5 - CONSUMER EQUITY PROTECTION (§§ 5-3.5-101 — 5-3.5-303) › Part 2 - ENFORCEMENT AND LIABILITY (§ 5-3.5-201) › Section 5-3.5-201 - Enforcement - liability

The attorney general and any obligor of a covered loan may enforce this article with respect to such covered loan in the manner provided for violations of the federal "Home Ownership and Equity Protection Act of 1994",
15 U.S.C. sec. 1639
, and regulations adopted pursuant thereto by the federal reserve board, including, without limitation,
12 CFR 226.32
, as set forth in the federal "Truth in Lending Act",
15 U.S.C. sec. 1640
, and regulations adopted pursuant thereto by the federal reserve board, including the provisions on civil liability, class actions, rescission, correction, and bona fide error. Persons engaged in the purchase, sale, assignment, securitization, or servicing of covered loans shall be liable under this article for the action or inaction of persons originating such loans only in the manner and to the extent provided for violation of the federal "Home Ownership and Equity Protection Act of 1994" and the federal "Truth in Lending Act",
15 U.S.C. sec. 1641
, and regulations adopted pursuant thereto by the federal reserve board.
L. 2002: Entire article added, p. 1600, § 1, effective June 7.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.5 - CONSUMER EQUITY PROTECTION (§§ 5-3.5-101 — 5-3.5-303) › Part 3 - MISCELLANEOUS PROVISIONS (§§ 5-3.5-301 — 5-3.5-303) › Section 5-3.5-301 - Effective date - applicability

Section 5-3.5-303 is intended to restate and confirm the existing law of this state, namely that the laws of this state relating to the financial and lending activities are to be applied on a uniform, statewide basis. Parts 1 and 2 of this article shall take effect January 1, 2003. This part 3 shall take effect upon passage. This article shall apply to covered loans offered or entered into on or after January 1, 2003.
L. 2002: Entire article added, p. 1601, § 1, effective June 7.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.5 - CONSUMER EQUITY PROTECTION (§§ 5-3.5-101 — 5-3.5-303) › Part 3 - MISCELLANEOUS PROVISIONS (§§ 5-3.5-301 — 5-3.5-303) › Section 5-3.5-302 - Severability

The provisions of this article are severable and if any of its provisions are held unconstitutional, the decision of the court shall not affect or impair any of the remaining provisions of this article. It is hereby declared to be the legislative intent that this article would have been adopted if the unconstitutional provisions had not been included.
L. 2002: Entire article added, p. 1601, § 1, effective June 7.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.5 - CONSUMER EQUITY PROTECTION (§§ 5-3.5-101 — 5-3.5-303) › Part 3 - MISCELLANEOUS PROVISIONS (§§ 5-3.5-301 — 5-3.5-303) › Section 5-3.5-303 - Relationship to other laws

(1)
General rule.
All political subdivisions of this state, including municipalities, shall be prohibited from enacting and enforcing ordinances, resolutions, and regulations pertaining to lending activities.
(2)
Preemption.
Any provision of this article preempted by federal law with respect to a national bank or federal savings association shall also, to the same extent, not apply to an operating subsidiary of a national bank or federal savings association that satisfies the requirements for operating subsidiaries established in
12 CFR 5.34
, relating to operating subsidiaries, nor to a bank chartered under the laws of Colorado or any operating subsidiary of such a state chartered bank.
(3)
Interpretation.
The provisions of this article shall be interpreted and applied to the fullest extent practical in a manner consistent with applicable federal laws and regulations, and shall not be deemed to constitute an attempt to override federal law.
Amended by 2023 Ch. 303,§ 2, eff. 8/7/2023.
L. 2002: Entire article added, p. 1601, § 1, effective June 7.
2023 Ch. 303, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.7 - CONSUMER CREDIT SOLICITATION PROTECTION (§ 5-3.7-101) › Section 5-3.7-101 - Consumer credit solicitation protection - definitions

(1)
A solicitor that makes a firm offer of credit for a lender credit card or a seller credit card to a consumer by mail solicitation and receives an acceptance of that offer that lists the address of the consumer accepting the offer as different from the address to which the offer was sent shall, prior to issuing or directing issuances of the lender credit card or seller credit card, verify that the consumer accepting the offer is the same consumer to whom the offer was sent.
(2)
As used in this section, unless the context otherwise requires:
(a)
"Firm offer of credit" shall have the same meaning as set forth in
15 U.S.C. sec. 1681a(l)
.
(b)
"Solicitor" means the person making the offer by mail solicitation and does not include a card issuer or other creditor when that creditor or card issuer relies on an independent third party to provide the services.
(c)
"Verify" means the use of commercially reasonable efforts to ascertain that the consumer responding to a mail solicitation is the same consumer to whom the solicitation was directed. For the purposes of this article, a solicitor shall be deemed to verify that the consumer accepting a mail solicitation is the same consumer to whom the solicitation was directed if:
(I)
A consumer responding at a telephone number appearing in a publicly available directory or database as the telephone number of the consumer to whom the solicitation was mailed identifies himself or herself as the consumer to whom the solicitation was mailed and acknowledges the consumer's acceptance of the solicitation; or
(II)
A consumer presents the solicitor, including presentation by facsimile transmission or mail, the original or a copy of one or more documents, including a driver's license, social security card, passport, or any other identification document issued by a state or federal governmental agency, that, on the face of the document or documents, appears to confirm such consumer's identity as the consumer to whom a solicitation was mailed and the consumer acknowledges acceptance of the solicitation; or
(III)
The solicitor verified, by any means adopted in federal regulations, that the consumer accepting the solicitation is the consumer to whom the solicitation was directed; or
(IV)
The solicitor verified by any other means, that under the standards and practices of the industry in which the solicitor is engaged would be deemed sufficient, that the consumer accepting the solicitation is the same consumer to whom the solicitation was sent.
L. 2004: Entire article added, p. 657, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-101 - Short title

This article shall be known and may be cited as "Uniform Consumer Credit Code - Insurance".
L. 2000: Entire article R&RE, p. 1225, § 1, effective July 1.
This section is similar to former § 5-4-101, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-102 - Scope - relation to credit insurance act - applicability to parties

(1)
This article applies to insurance provided or to be provided in relation to a consumer credit transaction.
(2)
This article supplements and does not repeal the "Credit Insurance Act", article
10
of title
10
, C.R.S. The provisions of this code concerning administrative controls, liabilities, and penalties do not apply to persons acting as insurers, and the similar provisions of the "Credit Insurance Act" do not apply to creditors and consumers.
L. 2000: Entire article R&RE, p. 1225, § 1, effective July 1.
This section is similar to former § 5-4-102, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-103 - Definitions - "consumer credit insurance" - "Credit Insurance Act"

As used in this code, unless the context otherwise requires:
(1)
"Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided but does not include:
(a)
Insurance, as to which a finance charge is imposed and provided in relation to a credit transaction in which a payment is scheduled more than ten years after the extension of credit;
(b)
Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring consumers of the creditor; or
(c)
Insurance indemnifying the creditor against loss due to the consumer's default.
(2)
"Credit Insurance Act" means the "Credit Insurance Act", article
10
of title
10
, C.R.S.
L. 2000: Entire article R&RE, p. 1225, § 1, effective July 1.
This section is similar to former § 5-4-103, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-104 - Creditor's provision of and charge for insurance - excess amount of charge

(1)
Except as otherwise provided in this article and subject to the provisions on additional charges contained in section
5-2-202
and maximum charges contained in section
5-2-201
, a creditor may agree to provide insurance and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by the creditor. This code does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.
(2)
The excess amount of a charge for insurance provided for in agreements in violation of this article is an excess charge for the purposes of:
(a)
The provisions on remedies and penalties contained in article
5
of this title as to effect of violations on rights of parties under section
5-5-201
; and
(b)
The provisions on administration contained in article
6
of this title as to civil actions by the administrator under section
5-6-114
.
L. 2000: Entire article R&RE, p. 1225, § 1, effective July 1.
This section is similar to former § 5-4-104, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-105 - Conditions applying to insurance to be provided by creditor

(1)
If a creditor agrees with a consumer to provide insurance:
(a)
The insurance shall be evidenced by an individual policy or certificate of insurance delivered to the consumer or sent to the consumer at his or her address as stated by the consumer within thirty days after the term of the insurance commences under the agreement between the creditor and consumer; or
(b)
The creditor shall promptly notify the consumer of any failure or delay in providing the insurance.
L. 2000: Entire article R&RE, p. 1226, § 1, effective July 1.
This section is similar to former § 5-4-105, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-106 - Unconscionability

(1)
In applying the provisions of this code on unconscionability contained in sections
5-5-109
and
5-6-112
to a separate charge for insurance, consideration shall be given, among other factors, to:
(a)
Potential benefits to the consumer including the satisfaction of the consumer's obligations;
(b)
The creditor's need for the protection provided by the insurance; and
(c)
The relation between the amount and terms of credit granted and the insurance benefits provided.
(2)
If consumer credit insurance otherwise complies with this article and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in itself unconscionable.
L. 2000: Entire article R&RE, p. 1226, § 1, effective July 1.
This section is similar to former § 5-4-106, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-107 - Maximum charge by creditor for insurance

(1)
Except as provided in subsection (2) of this section, if a creditor contracts for or receives a separate charge for insurance, the amount charged to the consumer for the insurance may not exceed the premium to be charged by the insurer as computed at the time the charge to the consumer is determined conforming to any rate filings required by law and made by the insurer with the commissioner of insurance.
(2)
A creditor who provides consumer credit insurance in relation to a revolving credit account may calculate the charge to the consumer in each billing cycle by applying the current premium rate to:
(a)
The average daily unpaid balance of the debt in the cycle;
(b)
The unpaid balance of the debt or a median amount within a specified range of unpaid balances of debt on approximately the same day of the cycle. The day of the cycle need not be the day used in calculating the finance charge, but the specified range shall be the range used for that purpose; or
(c)
The unpaid balances of the amount financed calculated according to the actuarial method.
L. 2000: Entire article R&RE, p. 1227, § 1, effective July 1.
This section is similar to former § 5-4-107, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-109 - Existing insurance - choice of insurer

If a creditor requires insurance, upon notice to the creditor the consumer shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the consumer or through a policy to be obtained and paid for by the consumer, but the creditor may for reasonable cause decline the insurance provided by the consumer.
L. 2000: Entire article R&RE, p. 1229, § 1, effective July 1.
This section is similar to former § 5-4-109, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-110 - Charge for insurance in connection with a deferral, refinancing, or consolidation - duplicate charges

(1)
A creditor may not contract for or receive a separate charge for insurance in connection with a deferral described in section
5-2-204
, a refinancing described in section
5-2-205
, or a consolidation described in section
5-2-206
unless:
(a)
The consumer agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;
(b)
The consumer is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which the consumer would have been entitled had there been no deferral, refinancing, or consolidation;
(c)
The consumer receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated under section
5-4-108
; and
(d)
The charge does not exceed the amount permitted under section
5-4-107
.
(2)
A creditor may not contract for or receive a separate charge for insurance that duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.
L. 2000: Entire article R&RE, p. 1229, § 1, effective July 1.
This section is similar to former § 5-4-110, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-111 - Cooperation between administrator and commissioner of insurance

The administrator and the commissioner of insurance are authorized and directed to consult and assist one another in maintaining compliance with this article. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appropriate, if either of them is otherwise empowered to take the action. If the administrator is informed of a violation or suspected violation by an insurer of this article or of the insurance laws, rules, and regulations of this state, the administrator shall advise the commissioner of insurance of the circumstances.
L. 2000: Entire article R&RE, p. 1229, § 1, effective July 1.
This section is similar to former § 5-4-111, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 1 - INSURANCE IN GENERAL (§§ 5-4-101 — 5-4-112) › Section 5-4-112 - Administrative action of commissioner of insurance

(1)
To the extent that the commissioner's responsibility under this article requires, the commissioner of insurance shall promulgate rules in accordance with article
4
of title
24
, C.R.S., with respect to insurers, and with respect to refunds described in section
5-4-108
, and, in case of violation, may make an order for compliance.
(2)
Sections
24-4-102
to
24-4-106
, C.R.S., apply to and govern all administrative action taken by the commissioner of insurance pursuant to this section.
L. 2000: Entire article R&RE, p. 1230, § 1, effective July 1. L. 2003: (1) amended, p. 1895, § 11, effective July 1.
This section is similar to former § 5-4-112, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 2 - CONSUMER CREDIT INSURANCE (§§ 5-4-201 — 5-4-203) › Section 5-4-201 - Term of insurance

(1)
Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the consumer becomes obligated to the creditor or when the consumer applies for the insurance, whichever is later, except as follows:
(a)
If any required evidence of insurability is not furnished until more than thirty days after the term would otherwise commence, the term may commence on the date when the insurer determines the evidence to be satisfactory; or
(b)
If the creditor provides insurance not previously provided covering debts previously created, the term may commence on the effective date of the policy.
(2)
The originally scheduled term of the insurance shall extend at least until the due date of the last scheduled payment of the debt except as follows:
(a)
If the insurance relates to a revolving credit account, the term need extend only until the payment of the debt under the account and may be sooner terminated after at least thirty days' notice to the consumer; or
(b)
If the consumer is advised in writing that the insurance will be written for a specified shorter time, the term need extend only until the end of the specified time.
(3)
The term of the insurance shall not extend more than thirty days after the originally scheduled due date of the last scheduled payment of the debt unless it is extended without additional cost to the consumer or as an incident to a deferral, refinancing, or consolidation.
L. 2000: Entire article R&RE, p. 1230, § 1, effective July 1.
This section is similar to former § 5-4-201, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 2 - CONSUMER CREDIT INSURANCE (§§ 5-4-201 — 5-4-203) › Section 5-4-202 - Amount of insurance

(1)
Except as provided in subsection (2) of this section:
(a)
In the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the scheduled or actual amount of the debt; or
(b)
In the case of any other consumer credit insurance, the total amount of periodic benefits payable may not exceed the total of scheduled unpaid installments of the debt, and the amount of any periodic benefit may not exceed the original amount of debt divided by the number of periodic installments in which it is payable.
(2)
If consumer credit insurance is provided in connection with a revolving credit account, the amounts payable as insurance benefits may be reasonably commensurate with the amount of debt as it exists from time to time. If consumer credit insurance is provided in connection with a commitment to grant credit in the future, the amounts payable as insurance benefits may be reasonably commensurate with the total from time to time of the amount of debt and the amount of the commitment.
L. 2000: Entire article R&RE, p. 1231, § 1, effective July 1.
This section is similar to former § 5-4-202, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 2 - CONSUMER CREDIT INSURANCE (§§ 5-4-201 — 5-4-203) › Section 5-4-203 - Filing and approval of rates and forms

(1)
A creditor may not use a form or charge in connection with credit insurance that does not comply with section
10-10-109
, C.R.S.
(2) and (3)
(Deleted by amendment, L. 2003, p. 1895, § 12, effective July 1, 2003.)
L. 2000: Entire article R&RE, p. 1231, § 1, effective July 1. L. 2001: (2) amended, p. 894, § 5, effective June 1. L. 2003: Entire section amended, p. 1895, § 12, effective July 1.
This section is similar to former § 5-4-203, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 3 - PROPERTY AND LIABILITY INSURANCE (§§ 5-4-301 — 5-4-304) › Section 5-4-301 - Property insurance

(1)
A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:
(a)
The insurance covers a substantial risk of loss of or damage to property related to the credit transaction;
(b)
The amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and
(c)
The term of the insurance is reasonable in relation to the terms of credit.
(2)
The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.
(3)
A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the amount financed exclusive of charges for the insurance is one thousand dollars or more and the value of the property is one thousand dollars or more.
L. 2000: Entire article R&RE, p. 1232, § 1, effective July 1.
This section is similar to former § 5-4-301, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 3 - PROPERTY AND LIABILITY INSURANCE (§§ 5-4-301 — 5-4-304) › Section 5-4-302 - Insurance on creditor's interest only

If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the consumer is on the consumer only to the extent of any deficiency in the effective coverage of the insurance even though the insurance covers only the interest of the creditor.
L. 2000: Entire article R&RE, p. 1232, § 1, effective July 1.
This section is similar to former § 5-4-302, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 3 - PROPERTY AND LIABILITY INSURANCE (§§ 5-4-301 — 5-4-304) › Section 5-4-303 - Liability insurance

A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction.
L. 2000: Entire article R&RE, p. 1232, § 1, effective July 1.
This section is similar to former § 5-4-303, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 4 - INSURANCE (§§ 5-4-101 — 5-4-304) › Part 3 - PROPERTY AND LIABILITY INSURANCE (§§ 5-4-301 — 5-4-304) › Section 5-4-304 - Cancellation by creditor

This section does not apply to an insurance premium loan. A creditor shall not request cancellation of a policy of property or liability insurance except after the consumer's default or in accordance with a written authorization by the consumer, and in either case the cancellation does not take effect until written notice is delivered to the consumer or mailed to the consumer at his or her address as stated by the consumer. The notice shall state that the policy may be canceled on a date not less than ten days after the notice is delivered or, if the notice is mailed, not less than thirteen days after it is mailed.
L. 2000: Entire article R&RE, p. 1233, § 1, effective July 1.
This section is similar to former § 5-4-304, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-101 - Short title

This article shall be known and may be cited as the "Uniform Consumer Credit Code - Remedies and Penalties".
L. 2000: Entire article R&RE, p. 1233, § 1, effective July 1.
This section is similar to former § 5-5-101, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-102 - Scope

This part 1 applies to actions or other proceedings to enforce rights arising from consumer credit transactions.
L. 2000: Entire article R&RE, p. 1233, § 1, effective July 1.
This section is similar to former § 5-5-102, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-104 - Insecurity and impaired collateral

(1)
If a creditor takes possession of any collateral because the creditor deems himself or herself insecure or because the creditor feels his or her collateral is impaired, and the creditor fails to prove that, at the time possession was taken, the creditor, in good faith, had reasonable cause to believe that he or she was insecure or that his or her collateral was impaired:
(a)
The creditor shall be liable to the consumer for court costs and attorney fees as determined by the court; and
(b)
The consumer shall not be liable for any finance charge incurred during the period the consumer is without use of the collateral.
L. 2000: Entire article R&RE, p. 1234, § 1, effective July 1.
This section is similar to former § 5-5-103.5, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-105 - No garnishment before judgment

Prior to entry of judgment in an action against the consumer for debt arising from a consumer credit transaction, the creditor may not replevin goods, except motor vehicles, of the consumer with the use of force from a dwelling upon an ex parte order of court or attach unpaid earnings of the consumer by garnishment or like proceedings.
L. 2000: Entire article R&RE, p. 1234, § 1, effective July 1.
This section is similar to former § 5-5-104, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-106 - Limitation on garnishment - definitions

(1)
For the purposes of this part 1:
(a)
"Disposable earnings" means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld.
(b)
"Garnishment" means any legal or equitable procedure through which the earnings of an individual are required to be withheld for payment of a debt.
(2)
(a)
The maximum part of the aggregate disposable earnings of an individual for any workweek that is subjected to garnishment to enforce payment of a judgment arising from a consumer credit transaction may not exceed the lesser of:
(I)
Twenty-five percent of the individual's disposable earnings for that week; or
(II)
The amount by which the individual's disposable earnings for that week exceed thirty times the federal minimum hourly wage prescribed by section 206 (a)(1) of the "Fair Labor Standards Act of 1938",
29 U.S.C. sec. 201
et seq., in effect at the time the earnings are payable; or
(III)
The amount by which the individual's disposable earnings for that week exceed thirty times the state minimum hourly wage pursuant to section 15 of article XVIII of the state constitution in effect at the time the earnings are payable.
(b)
In the case of earnings for a pay period other than a week, the administrator may prescribe by rule a multiple of the federal minimum hourly wage or the state minimum hourly wage, equivalent in effect to that set forth in subparagraphs (II) or (III) of paragraph (a) of this subsection (2).
(3)
No court may make, execute, or enforce an order or process in violation of this section.
(4)
It shall not be necessary for any individual to claim the exemptions for that portion of the aggregate disposable earnings that are not subject to garnishment as set forth in subsection (2) of this section, and such exemption from garnishment shall be self-executing in any garnishment procedure.
(5)
This section does not repeal, alter, or affect other statutes of this state prohibiting garnishments or providing for larger exemptions from garnishments than are allowed under this section.
L. 2000: Entire article R&RE, p. 1234, § 1, effective July 1. L. 2007: (2) amended, p. 878, § 6, effective July 1.
This section is similar to former § 5-5-105, as it existed prior to 2000.
For the legislative declaration contained in the 2007 act amending subsection (2), see section 1 of chapter 226, Session Laws of Colorado 2007.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-107 - No discharge from employment for garnishment

No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment arising from a consumer credit transaction.
L. 2000: Entire article R&RE, p. 1235, § 1, effective July 1.
This section is similar to former § 5-5-106, as it existed prior to 2000.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-108 - Extortionate extensions of credit

(1)
If it is the understanding of the creditor and the consumer at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation, or property of any person, the repayment of the extension of credit is unenforceable through civil judicial processes against the consumer.
(2)
If it is shown that an extension of credit was made at an annual percentage rate exceeding forty-five percent calculated according to the actuarial method and that the creditor then had a reputation for the use or threat of use of violence or other criminal means to cause harm to the person, reputation, or property of any person to collect extensions of credit or to punish the nonpayment thereof, there is prima facie evidence that the extension of credit was unenforceable under subsection (1) of this section.
L. 2000: Entire article R&RE, p. 1235, § 1, effective July 1.
This section is similar to former § 5-5-107, as it existed prior to 2000.