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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 1 - SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS (§§ 5-1-101 — 5-1-107) › Section 5-1-105 - Severability clause

If any provision of this code or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this code which can be given effect without the invalid provision or application, and to this end the provisions of this code are declared to be severable.
L. 2000: Entire article R&RE, p. 1179, § 1, effective July 1.
This section is similar to former § 5-1-105, 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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 1 - SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS (§§ 5-1-101 — 5-1-107) › Section 5-1-106 - Waiver - agreement to forego rights - settlement of claims

(1)
Except as otherwise provided in this code, a consumer may not waive or agree to forego rights or benefits under this code.
(2)
A claim by a consumer against a creditor for an excess charge, other violation of this code, or civil penalty, or a claim against a consumer for default or breach of a duty imposed by this code, if disputed in good faith, may be settled by agreement.
(3)
A claim, whether or not disputed, against a consumer, may be settled for less value than the amount claimed.
(4)
A settlement in which the consumer waives or agrees to forego rights or benefits under this code is invalid if the court as a matter of law finds the settlement to have been unconscionable at the time it was made. The competence of the consumer, any deception or coercion practiced upon the consumer, the nature and extent of the legal advice received by the consumer, and the value of the consideration are relevant to the issue of unconscionability.
L. 2000: Entire article R&RE, p. 1179, § 1, effective July 1.
This section is similar to former § 5-1-107, 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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 1 - SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS (§§ 5-1-101 — 5-1-107) › Section 5-1-107 - Effect of code on powers of organizations

(1)
This code prescribes maximum charges for all creditors extending consumer credit except lessors and those excluded in sections
5-1-202
and
5-2-213
and displaces existing limitations on the powers of those creditors based on maximum charges.
(2)
With respect to sellers of goods or services, small loan companies, licensed lenders, consumer and sales finance companies, loan companies, and commercial banks and trust companies, this code displaces existing limitations on their powers based solely on amount or duration of credit.
(3)
Except as provided in subsection (1) of this section, this code does not displace limitations on powers of credit unions, savings banks, savings and loan associations, or other thrift institutions whether organized for the profit of shareholders or as mutual organizations.
(4)
Except as provided in subsections (1) and (2) of this section, this code does not displace:
(a)
Limitations on powers of supervised financial organizations, as defined in section
5-1-301(45)
, with respect to the amount of a loan to a single borrower, the ratio of a loan to the value of collateral, the duration of a loan secured by an interest in land, or other similar restrictions designed to protect deposits; or
(b)
Limitations on powers an organization is authorized to exercise under the laws of this state or the United States.
Amended by 2023 Ch. 375,§ 4, eff. 7/1/2024.
Amended by 2013 Ch. 282, §19, eff. 7/1/2013.
L. 2000: Entire article R&RE, p. 1180, § 1, effective July 1. L. 2013: (2) amended, (SB 13-154), ch. 282, p. 1468, §19, effective July 1.
This section is similar to former § 5-1-108, 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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 2 - SCOPE AND JURISDICTION (§§ 5-1-201 — 5-1-203) › Section 5-1-202 - Exclusions

(1)
This code does not apply to:
(a)
Extensions of credit to government or governmental agencies or instrumentalities;
(b)
Except as otherwise provided in article
4
of this title, the sale of insurance if there is no legal obligation to pay installments of the premium and the insurance may terminate or be canceled after nonpayment of an installment of the premium;
(c)
Transactions under public utility or common carrier tariffs if a subdivision or agency of this state or of the United States regulates the charges for the services involved, the charges for delayed payment, and any discount allowed for early payment;
(d)
(I)
With respect to contracts for purchase entered into by a pawnbroker, as the terms are defined in section
29-11.9-101
, the rates and charges, and the disclosure of rates and charges, if the rates and charges do not exceed the fixed price permitted by section
29-11.9-101(2)
. The exclusion in this subsection (1)(d)(I) applies to pawnbrokers who are:
(A)
Licensed by a local licensing authority pursuant to section
29-11.9-102
; or
(B)
Regulated, with respect to rates and charges, by a local governing authority pursuant to section
29-11.9-102
.
(II)
The exclusion in subparagraph (I) of this paragraph (d) also applies to pawnbrokers authorized to make supervised loans under section
5-2-301
with respect to contracts for purchase; except that the exclusion does not apply to the disclosure of rates and charges of pawnbrokers authorized to make supervised loans.
(e)
The disclosure of rates and charges in connection with transactions in securities and commodities accounts by a broker-dealer registered with the securities and exchange commission;
(f)
Loans made, originated, disbursed, serviced, or guaranteed by an agency, instrumentality, or political subdivision of the state pursuant to article
3.1
of title
23
, C.R.S.
Amended by 2017 Ch. 246,§ 4, eff. 8/9/2017.
L. 2000: Entire article R&RE, p. 1182, § 1, effective July 1. L. 2012: IP(1) and (1)(d) amended, (HB 12-1328), ch. 218, p. 936, § 1, effective August 8. L. 2017: (1)(d)(I) amended, (SB 17-228), ch. 246, p. 1041, § 4, effective August 9.
This section is similar to former § 5-1-202, as it existed prior to 2000.
For regulation of insurance agents, brokers, and representatives, see article 2 of title 10; for regulation of pawnbrokers, see article 11.9 of title 29; for regulation of securities brokers, see article 51 of title 11; for credit unions, see article 30 of title 11.
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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 2 - SCOPE AND JURISDICTION (§§ 5-1-201 — 5-1-203) › Section 5-1-203 - Jurisdiction and service of process

(1)
The court of record of any judicial district in this state may exercise jurisdiction over any creditor with respect to any conduct in this state governed by this code or with respect to any claim arising from a transaction subject to this code. In addition to any other method provided by the Colorado rules of civil procedure or by statute, personal jurisdiction over a creditor may be acquired in a civil action or proceeding instituted in the court of record by the service of process in the manner provided by this section.
(2)
If a creditor is not a resident of this state or is a corporation not authorized to do business in this state and engages in any conduct in this state governed by this code or engages in a transaction subject to this code, the creditor may designate an agent upon whom service of process may be made in this state. The agent shall be a resident of this state or a corporation authorized to do business in this state. The designation shall be in writing and filed with the secretary of state. If no designation is made and filed or if process cannot be served in this state upon the designated agent, process may be served upon the secretary of state, but service upon the secretary of state is not effective unless the plaintiff or petitioner forthwith mails a copy of the process and pleading by registered or certified mail to the defendant or respondent at his or her last reasonably ascertainable address. An affidavit of compliance with this section shall be filed with the clerk of the court on or before the return day of the process, if any, or within any further time the court allows.
L. 2000: Entire article R&RE, p. 1183, § 1, effective July 1.
This section is similar to former § 5-1-203, 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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 3 - DEFINITIONS (§§ 5-1-301 — 5-1-303) › Section 5-1-302 - Definitions - federal "Truth in Lending Act" and federal "Consumer Leasing Act"

In this code, federal "Truth in Lending Act",
15 U.S.C. sec. 1601
et seq., and federal "Consumer Leasing Act",
15 U.S.C. sec. 1667
et seq., mean chapters of the "Consumer Credit Protection Act" (Public Law 90-321; 82 Stat. 146), as amended from time to time, and include regulations issued pursuant to those acts.
L. 2000: Entire article R&RE, p. 1194, § 1, effective July 1.
(1) This section is similar to former § 5-1-302, as it existed prior to 2000.
(2) "Consumer Leasing Act", referred to throughout this title, means the federal "Consumer Leasing Act of 1976", Pub.L. 94-240.
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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 5-1-101 — 5-1-303) › Part 3 - DEFINITIONS (§§ 5-1-301 — 5-1-303) › Section 5-1-303 - Index of definitions in code

Definitions in this code and the sections in which they appear are:
"Actuarial method" section
5-1-301(1)
"Administrator" sections
5-1-301(2)
and
5-6-103
"Agreement" section
5-1-301(3)
"Agricultural purpose" section
5-1-301(4)
"Amount financed" section
5-1-301(5)
"Business day" section
5-1-301(6)
"Cash price" section
5-1-301(7)
"Closing costs" section
5-1-301(8)
"Conspicuous" section
5-1-301(9)
"Consumer" section
5-1-301(10)
"Consumer credit insurance" section
5-4-103(1)
"Consumer credit sale" section
5-1-301(11)
"Consumer credit transaction" section
5-1-301(12)
"Consumer insurance premium loan" section
5-1-301(13)
"Consumer lease" section
5-1-301(14)
"Consumer loan" section
5-1-301(15)
"Credit" section
5-1-301(16)
Definitions in this code and the sections in which they appear are:
"Creditor" section
5-1-301(17)
"Credit Insurance Act" section
5-4-103(2)
"Dwelling" section
5-1-301(18)
"Earnings" section
5-1-301(19)
"Federal 'Truth in Lending Act'" and
"Federal 'Consumer Leasing Act'" section
5-1-302
"Finance charge" section
5-1-301(20)
"Goods" section
5-1-301(21)
"Home solicitation sale" section
5-3-401
"Investment purpose" section
5-1-301(22)
"Lender" section
5-1-301(23)
"Lender credit card or similar
arrangement" section
5-1-301(24)
"Loan" section
5-1-301(25)
"Loan primarily secured by an
interest in land" section
5-1-301(26)
"Material disclosures" section
5-1-301(27)
"Merchandise certificate" section
5-1-301(28)
"Mobile home" section
5-1-301(29)
"Official fees" section
5-1-301(30)
"Organization" section
5-1-301(31)
"Payable in installments" section
5-1-301(32)
"Person" section
5-1-301(33)
"Person related to" section
5-1-301(34)
"Precomputed" section
5-1-301(35)
"Presumed" or "Presumption" section
5-1-301(36)
"Receive" section
5-1-201(10)
"Regularly" section
5-1-301(37)
"Residence" section
5-1-201(6)
"Revolving credit" section
5-1-301(38)
"Sale of goods" section
5-1-301(39)
"Sale of an interest in land" section
5-1-301(40)
"Sale of services" section
5-1-301(41)
"Seller" section
5-1-301(42)
"Seller credit card" section
5-1-301(43)
"Services" section
5-1-301(44)
"Supervised financial organization" section
5-1-301(45)
"Supervised lender" section
5-1-301(46)
"Supervised loan" section
5-1-301(47)
"Written" or "In writing" section
5-1-301(48)
Amended by 2023 Ch. 375,§ 5, eff. 7/1/2024.
L. 2000: Entire article R&RE, p. 1194, § 1, effective July 1.
This section is similar to former § 5-1-303, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 1 - GENERAL PROVISIONS (§§ 5-2-101 — 5-2-102) › Section 5-2-101 - Short title

This article shall be known and may be cited as "Uniform Consumer Credit Code - Finance Charges and Related Provisions".
L. 2000: Entire article R&RE, p. 1195, § 1, effective July 1.
This section is similar to former § 5-2-101, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 1 - GENERAL PROVISIONS (§§ 5-2-101 — 5-2-102) › Section 5-2-102 - Scope

For purposes of this article, "consumer credit transaction" applies to consumer loans, including supervised loans, consumer credit sales, and refinancing and consolidations of these transactions but does not include consumer leases except for the charges and procedures in sections
5-2-202
and
5-2-203
. The provisions concerning credit card surcharges contained in section
5-2-212
apply to all sales and leases.
L. 2000: Entire article R&RE, p. 1195, § 1, effective July 1. L. 2009: Entire section amended, (HB 09-1141), ch. 41, p. 157, §1, effective July 1.
This section is similar to former § 5-2-102, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-204 - Deferral charges - rules

(1)
With respect to a precomputed consumer credit transaction, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments, and the creditor may make and collect a charge not exceeding the rate previously stated to the consumer pursuant to the provisions on disclosure contained in section
5-3-101
applied to the amount or amounts deferred for the period of deferral calculated without regard to differences in the lengths of months, but proportionally for a part of a month, counting each day as one-thirtieth of a month. A deferral charge may be collected at the time it is assessed or at any time thereafter.
(2)
The creditor, in addition to the deferral charge, may make appropriate additional charges described in section
5-2-202
, and the amount of these charges that is not paid in cash may be added to the amount deferred for the purpose of calculating the deferral charge.
(3)
The parties may agree in writing at the time of a precomputed consumer credit transaction that, if an installment is not paid within ten days after its due date, the creditor may unilaterally grant a deferral and make charges as provided in this section. No deferral charge may be made for a period after the date that the creditor elects to accelerate the maturity of the agreement.
(4)
A delinquency charge made by the creditor on an installment may not be retained if a deferral charge is made pursuant to this section with respect to the period of delinquency.
(5)
A deferral charge made according to this section is earned pro rata during the period in which no installment is scheduled to be paid by reason of the deferral and is fully earned on the last day of that period.
(6)
The administrator may adopt rules regarding deferral charges for nonrecourse consumer credit transactions that have no periodic payments and are secured by an unvested, contingent future interest in the potential net proceeds of a settlement or judgment obtained from the consumer's associated legal claim.
Amended by 2023 Ch. 286,§ 1, eff. 8/7/2023.
L. 2000: Entire article R&RE, p. 1200, § 1, effective July 1.
This section is similar to former § 5-2-204, as it existed prior to 2000.
2023 Ch. 286, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-205 - Finance charge on refinancing

(1)
With respect to a consumer credit transaction, the creditor may by agreement with the consumer refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charges. For the purpose of determining the finance charge permitted, the amount financed resulting from the refinancing comprises the following:
(a)
If the transaction was not precomputed, the total of the unpaid balance and the accrued charges on the date of the refinancing, or, if the transaction was precomputed, the amount that the consumer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment contained in section
5-2-211
on the date of refinancing; except that, for the purpose of computing this amount, no minimum charge described in section
5-2-201
shall be allowed; and
(b)
Appropriate additional charges described in section
5-2-202
, payment of which is deferred.
L. 2000: Entire article R&RE, p. 1200, § 1, effective July 1.
This section is similar to former § 5-2-205, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-206 - Finance charge on consolidation

If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer credit transaction was not precomputed, the parties may agree to add the unpaid amount of the amount financed and accrued charges on the date of consolidation to the amount financed with respect to the subsequent consumer credit transaction. If the previous consumer credit transaction was precomputed, the parties may agree to refinance the unpaid balance pursuant to the provisions on refinancing contained in section
5-2-205
and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent consumer credit transaction. In either case, the creditor may contract for and receive a finance charge based on the aggregate amount financed resulting from the consolidation at a rate not in excess of that permitted by the provisions on finance charges.
L. 2000: Entire article R&RE, p. 1201, § 1, effective July 1.
This section is similar to former § 5-2-205, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-207 - Prepaid finance charge

(1)
Subject to the provisions of subsection (2) of this section, a creditor may contract for the payment by the consumer of a prepaid finance charge; except that the total finance charge contracted for and received by the creditor shall not exceed that permitted for consumer credit transactions.
(2)
With respect to a refinancing pursuant to section
5-2-205
or consolidation pursuant to section
5-2-206
of a previous consumer credit transaction for which a prepaid finance charge was imposed, if said refinancing or consolidation is consummated within one year after the previous transaction, a new prepaid finance charge may be imposed:
(a)
Only on that portion of the aggregate amount financed resulting from the refinancing or consolidation that exceeds the unpaid balance of the previous transaction determined in accordance with the provisions of section
5-2-205
or section
5-2-206
, whichever is appropriate; or
(b)
On the aggregate amount financed resulting from the refinancing or consolidation; except that any unearned portion of the prepaid finance charge imposed in connection with the previous transaction shall be rebated to the consumer in accordance with the actuarial method as defined in section
5-1-301
and applicable rules adopted by the administrator.
L. 2000: Entire article R&RE, p. 1201, § 1, effective July 1.
This section is similar to former § 5-3-206.5, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-208 - Conversion to revolving account

The parties may agree to add to a revolving account the unpaid balance of a consumer credit transaction not made pursuant to a revolving account. The unpaid balance is an amount equal to the amount financed determined according to the provisions on refinancing contained in section
5-2-205
.
L. 2000: Entire article R&RE, p. 1201, § 1, effective July 1.
This section is similar to former § 5-2-207 (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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-209 - Advances to perform covenants of consumer

(1)
If the agreement with respect to a consumer credit transaction contains covenants by the consumer to perform certain duties pertaining to insuring or preserving collateral, and the creditor pursuant to the agreement pays for performance of the duties on behalf of the consumer, the creditor may add the amounts paid to the debt if:
(a)
The expenditure is reasonable to protect the risk of loss or damage to the property;
(b)
The creditor has mailed to the consumer, at the consumer's last known address, written notice of the consumer's nonperformance and has given the consumer reasonable opportunity after such notice to so perform; and
(c)
In the absence of performance, the creditor has made all expenditures on behalf of the consumer in good faith and in a commercially reasonable manner.
(2)
Within a reasonable time after advancing any sums, the creditor shall state to the consumer in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule, and, if the duties of the consumer performed by the creditor pertain to insurance, a brief description of the insurance paid for by the creditor including the type and amount of coverage. No further information need be given.
(3)
A finance charge may be made for sums advanced pursuant to this section at a rate not exceeding the rate stated to the consumer pursuant to the provisions on disclosure contained in section
5-3-101
with respect to the consumer credit transaction; except that, with respect to a revolving account, the amount of the advance may be added to the unpaid balance of the debt and the creditor may make a finance charge not exceeding that permitted by the provisions on finance charges.
L. 2000: Entire article R&RE, p. 1202, § 1, effective July 1.
This section is similar to former § 5-2-208, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-210 - Right to prepay

Subject to the provisions on rebate upon prepayment contained in section
5-2-211
, the consumer may prepay in full, or in part if payment is no less than five dollars, the unpaid balance of a consumer credit transaction at any time without penalty. A payment in the amount of a scheduled installment, other than the last scheduled installment, not identified by the consumer as a partial prepayment shall not be deemed to be a partial prepayment regardless of when the payment is made if the amount equals the next scheduled installment. If such a payment is applied by the creditor to the scheduled installment, the payment shall be deemed to have been made on the due date for the scheduled installment to which it was applied.
L. 2000: Entire article R&RE, p. 1202, § 1, effective July 1.
This section is similar to former § 5-2-209, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 2 - MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES (§§ 5-2-201 — 5-2-214) › Section 5-2-213 - General-purpose credit cards - definitions

(1)
As used in this section:
(a)
"General-purpose credit card" means any card, plate, or other single credit device that may be used from time to time to obtain consumer credit under an open-end credit plan offered by a supervised financial organization, as defined in section 5-1-301 (45), that:
(I)
Is accepted by any merchant that participates in a widely accepted payment card network and is accepted upon presentation at multiple, unaffiliated merchants for goods or services;
(II)
Does not charge fees, including pre-account opening fees, which exceed fifteen percent of the credit line; and
(III)
Does not include an overdraft line of credit that is accessed by a debit or prepaid card or an account number.
(b)
"Open-end credit plan" means consumer credit extended by a creditor under a plan in which:
(I)
The creditor reasonably contemplates repeated transactions;
(II)
The creditor may impose a finance charge from time to time on an outstanding unpaid balance; and
(III)
The amount of credit that may be extended to the consumer during the term of the plan, up to any limit set by the creditor, is generally made available to the extent that any outstanding balance is repaid.
(2)
Limitations in state law on finance charges and fees applicable to consumer credit transactions in sections 5-2-201, 5-2-202, and 5-2-203 shall not apply to general-purpose credit cards.
Amended by 2023 Ch. 375,§ 1, eff. 7/1/2024.
Amended by 2013 Ch. 282, §20, eff. 7/1/2013.
L. 2000: Entire article R&RE, p. 1206, § 1, effective July 1. L. 2013: (1) amended, (SB 13-154), ch. 282, p. 1468, § 20, effective July 1.
This section is similar to former § 5-3-508, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-301 - Authority to make supervised loans

(1)
Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of:
(a)
Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans he or she has previously made; or
(b)
Taking assignments of and undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, including servicing supervised loans; except that a person who is licensed by the administrator as a collection agency pursuant to article
16
of this title 5 or is licensed by the Colorado supreme court to practice law, and who takes assignment of supervised loans only after such loans are in default, is not required to obtain a supervised lender license to engage in the activities described in this subsection (1)(b).
Amended by 2023 Ch. 360,§ 1, eff. 8/7/2023.
Amended by 2017 Ch. 260, §6, eff. 8/9/2017.
L. 2000: Entire article R&RE, p. 1206, § 1, effective July 1. L. 2006: (1)(b) amended, p. 530, § 1, effective April 18. L. 2017: (1)(b) amended, (HB 17-1238), ch. 260, p. 1170, § 6, effective August 9.
This section is similar to former § 5-3-502, as it existed prior to 2000.
2023 Ch. 360, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-304 - Records - annual reports - proof of financial responsibility

(1)
Every licensee shall maintain records in conformity with this code, rules adopted thereunder, and generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this code. The record-keeping system of a licensee shall be sufficient if the licensee makes the required information reasonably available. The records need not be kept in the place of business where supervised loans are made if the administrator is given free access to the records wherever located. The records pertaining to any loan need not be preserved for more than four years after making the final entry relating to the loan, but, in the case of a revolving loan account, the four years is measured from the date of each entry.
(2)
On or before June 1 of each year, every licensee shall file with the administrator an annual report in the form prescribed by the administrator relating to all supervised loans made by the licensee, which report shall also demonstrate satisfactory proof of the licensee's financial responsibility. At all other times, the licensee shall maintain satisfactory proof of financial responsibility. The administrator shall consult with comparable officials in other states for the purpose of making the kinds of information required in annual reports uniform among the states. Information contained in annual reports shall be confidential and may be published only in composite form. The administrator may, by rule, determine the types and amounts of financial responsibility deemed to be satisfactory.
(3)
If a licensee fails to file the annual report or proof of financial responsibility by July 1, the administrator may impose a penalty of five dollars per day from July 2 to the date the filing is postmarked. However, if a licensee fails to file and pay the appropriate penalty by July 15, or, at all other times, fails to provide satisfactory proof of financial responsibility within thirty days after receiving notice from the administrator, its license shall automatically expire.
L. 2000: Entire article R&RE, p. 1211, § 1, effective July 1. L. 2003: (2) and (3) amended, p. 1893, § 4, effective July 1.
This section is similar to former § 5-3-505, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-306 - Administrative procedures - applicability

Except as otherwise provided, the provisions of sections
24-4-102
to
24-4-106
, C.R.S., apply to and govern all rules promulgated and all administrative action taken by the administrator pursuant to this code; except that section
24-4-104(3)
, C.R.S., shall not apply to any such action.
L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.
This section is similar to former § 5-3-507, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-307 - Judicial review

Any person aggrieved by any final action or order of the administrator and affected thereby is entitled to a review thereof by the court of appeals by appropriate proceedings under section
24-4-106(11)
, C.R.S.
L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.
This section is similar to former §§ 5-6-107 and 5-6-108 , as they 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-308 - Regular schedule of payments - maximum loan term

(1)
Supervised loans not made pursuant to a revolving credit account and in which the principal is three thousand dollars or less shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor and:
(a)
Over a period of not more than thirty-seven months if the principal is more than one thousand dollars; or
(b)
Over a period of not more than twenty-five months if the principal is one thousand dollars or less.
L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.
This section is similar to former § 5-3-511, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-309 - Conduct of business other than making loans

A supervised lender may not carry on any other business for the purpose of evasion or violation of this code nor may the supervised lender extend credit on the condition or requirement that the consumer obtain additional credit, goods, or services from the supervised lender or a person related to the supervised lender unless otherwise permitted by law.
L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.
This section is similar to former § 5-3-512, as it existed prior to 2000.
For regulation of pawnbrokers, see article 56 of title 12.
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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 3 - SUPERVISED LOANS AND SUPERVISED LENDERS (§§ 5-2-301 — 5-2-310) › Section 5-2-310 - Application of other provisions

Except as otherwise provided, all provisions of this code applying to consumer loans apply to supervised loans.
L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.
This section is similar to former § 5-3-513, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 5 - OTHER CREDIT TRANSACTIONS (§§ 5-2-501 — 5-2-502) › Section 5-2-501 - Transactions subject to code by agreement of parties

The parties to a transaction other than a consumer credit transaction may agree in a writing signed by the parties that the transaction is subject to the provisions of this code. If the parties so agree, the transaction is a consumer credit transaction for the purposes of this code.
L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.
This section is similar to former § 5-3-601, 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 2 - FINANCE CHARGES AND RELATED PROVISIONS (§§ 5-2-101 — 5-2-502) › Part 5 - OTHER CREDIT TRANSACTIONS (§§ 5-2-501 — 5-2-502) › Section 5-2-502 - Finance charge for other transactions

With respect to a transaction that is specifically exempt from the rate ceilings of this code by the provisions of section
5-1-301(15)(c)
, the parties may contract for the payment by the consumer of any finance charge up to a rate not to exceed an annual percentage rate of forty-five percent pursuant to section
18-15-104
, C.R.S. The rate of the finance charge shall be calculated on the unpaid balances of the debt on the assumption that the debt will be paid according to its terms and will not be paid before the end of the agreed term.
L. 2000: Entire article R&RE, p. 1214, § 1, effective July 1.
This section is similar to former § 5-3-605, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 1 - DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING (§§ 5-3-101 — 5-3-111) › Section 5-3-101 - Applicability - information required

(1)
For purposes of this section, a consumer credit transaction includes a transaction secured primarily by an interest in land without regard to the rate of the finance charge if the consumer credit transaction is otherwise a consumer credit transaction.
(2)
The creditor shall disclose to the consumer to whom credit is extended with respect to a consumer credit transaction the information, disclosures, and notices required by the federal "Truth in Lending Act", the federal "Consumer Leasing Act", and any regulation thereunder.
(3)
The information, disclosures, and notices required by subsection (2) of this section must be provided if the transaction is a consumer credit transaction under this code even though the transaction is one of a class of credit transactions exempted from the federal "Truth in Lending Act", the federal "Consumer Leasing Act", and any regulation thereunder.
L. 2000: Entire article R&RE, p. 1214, § 1, effective July 1. L. 2001: (1) amended, p. 28, § 4, effective March 9.
This section is similar to former § 5-2-301, as it existed prior to 2000.
For the definitions and federal statutory cites of the "Truth in Lending Act" and the "Consumer Leasing Act", see § 5-1-302.
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 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 1 - DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING (§§ 5-3-101 — 5-3-111) › Section 5-3-102 - Notice of assignment

The consumer is authorized to pay the original creditor until the consumer receives notification of assignment of rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification that does not reasonably identify the rights assigned is ineffective. If requested by the consumer, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless the assignee does so the consumer may pay the original creditor.
L. 2000: Entire article R&RE, p. 1214, § 1, effective July 1.
This section is similar to former § 5-3-406, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 1 - DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING (§§ 5-3-101 — 5-3-111) › Section 5-3-103 - Change in terms of revolving credit accounts

(1)
If a creditor makes a change in the terms of a revolving account without complying with this section, any additional cost or charge to the consumer resulting from the change is an excess charge and subject to the remedies available to consumers described in section
5-5-202
and to the administrator described in section
5-6-114
.
(2)
(a)
Except as otherwise provided in paragraph (b) or (c) of this subsection (2), whenever any term of a revolving credit account is changed or the required minimum periodic payment thereon is increased, the creditor shall mail or deliver written notice of the change, at least one billing cycle before the effective date of the change, to each consumer who may be affected by the change.
(b)
The notice required by paragraph (a) of this subsection (2) shall be given in advance, but need not be given one billing cycle in advance, if the change has been agreed to by the consumer or if the change is an increase in a finance charge, periodic rate, or other charge permitted under section
5-2-202
as a result of the consumer's delinquency or default.
(c)
The notice otherwise required by paragraph (a) of this subsection (2) is not required if the change:
(I)
Results from the consumer's delinquency or default but is not of a kind listed in paragraph (b) of this subsection (2);
(II)
Results from an agreement related to a court proceeding or arbitration;
(III)
Is a reduction of any charge or component thereof; or
(IV)
Is a suspension of future credit privileges or termination of a consumer credit transaction.
(3)
The notice provisions of subsection (2) of this section shall not apply if:
(a)
The consumer, after receiving notice in writing of the specific change, agrees in writing to the change;
(b)
The consumer elects to pay an amount designated on a billing statement as including a new charge for a benefit offered to the consumer when the benefit and charge constitutes the change in terms and when the billing statement also states the amount payable if the new charge is excluded;
(c)
The change involves no significant cost to the consumer; or
(d)
The agreement provides limitations on changing of terms that are more restrictive than the requirements of subsection (2) of this section.
(4)
The notice provided for in this section is given to the consumer when mailed to the consumer at the address used by the creditor for sending periodic billing statements.
L. 2000: Entire article R&RE, p. 1214, § 1, effective July 1.
This section is similar to former § 5-2-416, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 1 - DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING (§§ 5-3-101 — 5-3-111) › Section 5-3-104 - Receipts - statements of account - evidence of payment

(1)
The creditor shall deliver or mail to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. A periodic statement showing a payment received by the creditor complies with this subsection (1).
(2)
Upon written request of a consumer, the creditor of a consumer credit transaction, other than one pursuant to a revolving credit account, shall provide a written statement of the dates and amounts of payments made within the twelve months preceding the month in which the request is received and the total amount unpaid as of the end of the period covered by the statement. The statement shall be provided without charge twice during each year of the term of the obligation. If additional statements are requested, the creditor may charge not more than ten dollars for each additional statement.
(3)
Within thirty days after a consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to a revolving credit account, the creditor shall deliver or mail to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction and written evidence of release of any security interest and termination of any financing statement held, retained, or acquired.
L. 2000: Entire R&RE, p. 1216, § 1, effective July 1.
This section is similar to former § 5-5-110, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 1 - DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING (§§ 5-3-101 — 5-3-111) › Section 5-3-105 - Notice to cosigners and similar parties

(1)
No natural person, other than the spouse of the consumer, shall be obligated as a cosigner, comaker, guarantor, endorser, surety, or similar party with respect to a consumer credit transaction, unless before or contemporaneously with signing any agreement of obligation or any writing setting forth the terms of the consumer's agreement, the person receives a written notice that contains a completed identification of the debt he or she may have to pay and reasonably informs such person of his or her obligation with respect to it. Such written notice may be set forth in the consumer's agreement of obligation or in a separate writing. For purposes of this section, the word "cosigner", "comaker", "guarantor", "endorser", or "surety" means a natural person who, by agreement and without compensation, renders himself or herself liable for the obligation of another in a consumer credit transaction, and the terms "agreement" and "consumer's agreement" mean the original underlying agreement.
(2)
The notice required by this section must be a clear and conspicuous notice and comply with the disclosure requirements of
16 CFR 444.3
.
(3)
The notice required by this section need not be given to a seller, lessor, or lender who is obligated to an assignee of his or her rights.
(4)
A person entitled to notice pursuant to this section shall also be given a copy of any writing setting forth the terms of the consumer's agreement and of any separate agreement of obligation signed by the person entitled to the notice.
(5)
A cosignor is entitled to a notice of right to cure pursuant to sections
5-5-110 (4)
and
5-5-111 (3)
.
Amended by 2023 Ch. 303,§ 1, eff. 8/7/2023.
L. 2000: Entire article R&RE, p. 1216, § 1, effective July 1.
(1) This section is similar to former § 5-5-109, as it existed prior to 2000.
(2) Although this section was effective July 1, 2000, section 5 of chapter 265, Session Laws of Colorado 2000, provides that the disclosures described in subsection (5) are effective January 1, 2001.
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 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 1 - DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING (§§ 5-3-101 — 5-3-111) › Section 5-3-107 - Disclosures for consumer credit sale secured by a motor vehicle

If the property that secures a consumer credit sale includes a motor vehicle and the written agreement does not provide for automobile liability insurance, the following clause shall be in the written agreement in capital letters and bold-face type:
"THIS CONTRACT DOES NOT PROVIDE FOR AUTOMOBILE LIABILITY INSURANCE, AND SAID BUYER ALSO STATES THAT HE OR SHE HAS/DOES NOT HAVE
(strike words not applicable)
IN EFFECT AN AUTOMOBILE LIABILITY POLICY AS DEFINED IN SECTION
42-7-103(2)
, COLORADO REVISED STATUTES, ON THE MOTOR VEHICLE SOLD BY THIS CONTRACT."
L. 2000: Entire article R&RE, p. 1217, § 1, effective July 1. L. 2009: Entire section amended, (SB 09-292), ch. 369, p. 1939, §4, effective August 5.