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 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 1 - LIMITATIONS ON CREDITORS' REMEDIES (§§ 5-5-101 — 5-5-112) › Section 5-5-112 - Attorney fees

(1)
With respect to a consumer credit transaction, the agreement may provide for the payment by the consumer of reasonable attorney fees not in excess of fifteen percent of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor or such additional fee as may be directed by the court. A provision in violation of this section is unenforceable.
(2)
This section does not authorize the imposition of attorney fees for preparation of a notice of right to cure if the consumer cures the default pursuant to sections
5-5-110
and
5-5-111
.
L. 2000: Entire article R&RE, p. 1240, § 1, effective July 1.
This section is similar to former §§ 5-2-413, 5-3-404, and 5-3-514, 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 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 2 - CONSUMERS' REMEDIES (§§ 5-5-201 — 5-5-206) › Section 5-5-203 - Consumer's right to rescind certain transactions

In the case of a consumer credit transaction with respect to which a security interest is retained or acquired in any property that is used as the principal dwelling of the person to whom credit is extended, the consumer shall have the same right to rescind the transaction as provided in the federal "Truth in Lending Act" and regulations thereunder. In order to comply with this code, a creditor shall comply with those provisions on the right of rescission of certain transactions.
L. 2000: Entire article R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 5-5-204, as it existed prior to 2000.
For the definition and federal statutory cite of the "Truth in Lending 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 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 2 - CONSUMERS' REMEDIES (§§ 5-5-201 — 5-5-206) › Section 5-5-204 - Interests in land

For purposes of the provisions on civil liability for violation of the disclosure provisions contained in section
5-5-202
and on a consumer's right to rescind certain transactions contained in section
5-5-203
, "consumer credit transaction" includes a transaction primarily secured by an interest in land without regard to the rate of the finance charge if the transaction is otherwise a consumer credit transaction.
L. 2000: Entire article R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 5-5-201, 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 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 2 - CONSUMERS' REMEDIES (§§ 5-5-201 — 5-5-206) › Section 5-5-205 - Refunds and penalties as set-off to obligation

Refunds or penalties to which the consumer is entitled pursuant to this part 2 may be set off against the consumer obligation and may be raised as a defense to a suit on the obligation without regard to the time limitations prescribed by said sections.
L. 2000: Entire article R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 5-5-205, 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 5 - REMEDIES AND PENALTIES (§§ 5-5-101 — 5-5-302) › Part 2 - CONSUMERS' REMEDIES (§§ 5-5-201 — 5-5-206) › Section 5-5-206 - Civil liability for discrimination

If a person has failed to comply with section
5-3-210
, the person aggrieved by such failure to comply has a right to recover actual damages from such person but in no event less than one hundred dollars for actual and exemplary damages nor more than one thousand dollars for actual and exemplary damages. In the case of a successful action to enforce such right of recovery, the aggrieved person shall recover the costs of the action together with reasonable attorney fees as determined by the court.
L. 2000: Entire article R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 5-5-206, as it existed prior to 2000.
For discrimination, see article 34 of title 24.
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 3 - CRIMINAL PENALTIES (§§ 5-5-301 — 5-5-302) › Section 5-5-301 - Willful violations

(1)
A supervised lender who willfully makes charges in excess of those permitted by the provisions of this code commits a class 2 misdemeanor.
(2)
A person, other than a supervised financial organization, who willfully engages in the business of making supervised loans without a license in violation of the provisions of this code applying to the authority to make supervised loans described in section
5-2-301
commits a class 2 misdemeanor.
(3)
A person who willfully engages in the business of making consumer credit transactions or of taking assignments of rights against consumers arising therefrom and undertakes direct collection of payments or enforcement of these rights without complying with the provisions of this code concerning notification contained in section
5-6-202
or payment of fees contained in section
5-6-203
commits a class 2 misdemeanor.
(4)
Any person who violates the provisions of this section and by the same act or acts violates the provisions of section
18-15-104
or
18-15-107
, C.R.S., or both, shall be prosecuted for the violation of either or both of said sections and not for a violation of this section.
Amended by 2021 Ch. 462,§ 54, eff. 3/1/2022.
L. 2000: Entire article R&RE, p. 1243, § 1, effective July 1.
(1) This section is similar to former § 5-5-301, as it existed prior to 2000.
(2) Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
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 3 - CRIMINAL PENALTIES (§§ 5-5-301 — 5-5-302) › Section 5-5-302 - Disclosure violations

(1)
A person commits a class 2 misdemeanor if such person willfully and knowingly:
(a)
Gives false or inaccurate information or fails to provide information that such person is required to disclose under the provisions of this code on disclosure and advertising or of any related rule of the administrator adopted pursuant to this code;
(b)
Uses any rate table or chart in a manner which consistently understates the annual percentage rate determined according to those provisions; or
(c)
Otherwise fails to comply with any requirement of the provisions of this code on disclosure and advertising or of any related rule of the administrator adopted pursuant to this code.
Amended by 2021 Ch. 462,§ 55, eff. 3/1/2022.
L. 2000: Entire article R&RE, p. 1244, § 1, effective July 1.
(1) This section is similar to former § 5-5-302, as it existed prior to 2000.
(2) Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-101 - Short title

This article shall be known and may be cited as "Uniform Consumer Credit Code - Administration".
L. 2000: Entire article R&RE, p. 1244, § 1, effective July 1.
This section is similar to former § 5-6-101, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-102 - Applicability

(1)
This part 1 applies to persons who in this state:
(a)
Make or solicit consumer credit transactions; or
(b)
Directly collect payments from or enforce rights against consumers arising from sales, leases, or loans specified in paragraph (a) of this subsection (1) wherever they are made.
L. 2000: Entire article R&RE, p. 1244, § 1, effective July 1.
This section is similar to former § 5-6-102, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-103 - Definitions - "administrator"

"Administrator" means the assistant attorney general to be designated by the attorney general. Any district attorney may, with the consent of the administrator, exercise the powers and perform the duties of the administrator as provided in section
5-6-104(1)(a) and (1)(b)
and sections
5-6-105
to
5-6-116
.
L. 2000: Entire article R&RE, p. 1245, § 1, effective July 1.
This section is similar to former § 5-6-103, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-105 - Administrative powers with respect to supervised financial organizations

(1)
With respect to supervised financial organizations, the powers of examination and investigation described in sections
5-2-305
and
5-6-106
and administrative enforcement described in section
5-6-108
shall be exercised by the official or agency to whose supervision the organization is subject. All other powers of the administrator under this code may be exercised by the administrator with respect to a supervised financial organization.
(2)
If the administrator receives a complaint or other information concerning noncompliance with this code by a supervised financial organization, the administrator shall inform the official or agency having supervisory authority over the organization concerned. The administrator may request information about supervised financial organizations from the officials or agencies supervising them.
(3)
The administrator and any official or agency of this state having supervisory authority over a supervised financial organization are authorized and directed to consult and assist one another in maintaining compliance with this code. They may jointly pursue investigations, prosecute suits, and take other official action, as they deem appropriate, if either of them otherwise is empowered to take the action. The administrator may recover from a supervised financial organization the administrator's reasonable costs incurred in such investigation, suit, or other official action as part of any relief granted the administrator by a court of competent jurisdiction.
L. 2000: Entire article R&RE, p. 1246, § 1, effective July 1.
This section is similar to former § 5-6-105, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-106 - Investigatory powers

(1)
If the administrator has reasonable cause to believe that a person has engaged in an act that is subject to action by the administrator, the administrator may make an investigation to determine if the act has been committed, and, to the extent necessary for this purpose, may administer oaths or affirmations, and, upon his or her own motion or upon request of any party, may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence. In any civil action brought by the administrator as a result of such an investigation, the administrator may recover the reasonable costs of making the investigation if the administrator prevails in the action.
(2)
If the person's records are located outside this state, the person at his or her option shall either make them available to the administrator at a convenient location within this state or pay the reasonable and necessary expenses for the administrator or the administrator's representative to examine them at the place where they are maintained. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on the administrator's behalf.
(3)
Upon failure without lawful excuse to obey a subpoena or to give testimony, the administrator may apply to the district court for an order compelling compliance.
(4)
The administrator shall not make public the name or identity of a person whose acts or conduct he or she investigates pursuant to this section or the facts disclosed in the investigation, but this subsection (4) does not apply to disclosures in actions or enforcement proceedings pursuant to this code.
L. 2000: Entire article R&RE, p. 1247, § 1, effective July 1.
This section is similar to former § 5-6-106, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-107 - Application of administrative procedures - provisions

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 article or the provisions on supervised loans contained in part 3 of article
2
of this title; except that section
24-4-104(3)
, C.R.S., shall not apply to any such action.
L. 2000: Entire article R&RE, p. 1247, § 1, effective July 1.
This section is similar to former § 5-6-107, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-108 - 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 Colorado court of appeals by appropriate proceedings under section
24-4-106(11)
, C.R.S.
L. 2000: Entire article R&RE, p. 1247, § 1, effective July 1.
This section is similar to former § 5-6-108, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-109 - Administrative enforcement orders

(1)
After notice and hearing, the administrator may order a creditor or a person acting in the creditor's behalf to cease and desist from engaging in violations of this code or any rule or order lawfully made pursuant to this code. The order issued by the administrator may also require the creditor or person to make refunds to consumers of excess charges under this code and pay a penalty up to a maximum of one thousand dollars for each violation, all or part of which may be specifically designated for consumer and creditor educational purposes.
(2)
A respondent aggrieved by an order of the administrator may obtain judicial review of the order in the Colorado court of appeals. The administrator may obtain an order of the court for enforcement of the administrator's order in the district court under section
24-4-106
, C.R.S. All proceedings under this section shall be governed by sections
24-4-105
and
24-4-106
, C.R.S.
(3)
With respect to unconscionable agreements or fraudulent or unconscionable conduct by the respondent, the administrator may not issue an order pursuant to this section but may bring a civil action for an injunction under section
5-6-112
.
L. 2000: Entire article R&RE, p. 1248, § 1, effective July 1.
This section is similar to former § 5-6-108, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-110 - Assurance of discontinuance

If it is claimed that a person has engaged in conduct subject to an order by the administrator described in section
5-6-108
or by a court described in sections
5-6-111
to
5-6-113
, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to consumers of excess charges under this code, pay a penalty up to a maximum of one thousand dollars for each violation, all or part of which may be specifically designated for consumer and creditor educational purposes, and reimburse the administrator for the administrator's reasonable costs incurred in investigating the conduct. If a person giving an assurance of discontinuance fails to comply with its terms, the assurance is evidence that prior to the assurance such person engaged in the conduct described in the assurance.
L. 2000: Entire article R&RE, p. 1248, § 1, effective July 1.
This section is similar to former § 5-6-109, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-111 - Injunctions against violations of code

The administrator may bring a civil action to restrain a person from violating this code or rules or regulations promulgated thereunder and for other appropriate relief.
L. 2000: Entire article R&RE, p. 1248, § 1, effective July 1.
This section is similar to former § 5-6-110, as it existed prior to 2000.
For injunctions, see C.R.C.P. 65.
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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-113 - Temporary relief

With respect to an action brought to enjoin violations of this code under section
5-6-111
or unconscionable agreements or fraudulent or unconscionable conduct under section
5-6-112
, the administrator may apply to the court for a temporary restraining order or a preliminary injunction against a respondent pending final determination of proceedings. If the court finds after a hearing that there is reasonable cause to believe that the respondent is engaging in or is likely to engage in conduct sought to be restrained, it may grant any such temporary restraining order or preliminary injunction it deems appropriate. The court may also issue such orders or judgments as may be necessary to completely compensate or restore to his or her original position any consumer affected by such violation, agreement, or conduct or if there is reasonable cause to believe funds to make refunds of excess charges under this code will not be available at a future date. No bond or other security is required of the administrator before relief under this section may be granted.
L. 2000: Entire article R&RE, p. 1250, § 1, effective July 1.
This section is similar to former § 5-6-112, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-115 - Jury trial

In an action brought by the administrator under this code, the administrator has no right to trial by jury, but this will not prevent a defendant from requesting a jury trial under the Colorado rules of civil procedure.
L. 2000: Entire article R&RE, p. 1252, § 1, effective July 1.
This section is similar to former § 5-6-114, as it existed prior to 2000.
For jury trials, see C.R.C.P. 38.
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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 1 - POWERS AND FUNCTIONS OF ADMINISTRATOR (§§ 5-6-101 — 5-6-116) › Section 5-6-116 - Consumers' remedies not affected

The grant of powers to the administrator in this article does not affect remedies available to consumers under this code or under other principles of law or equity.
L. 2000: Entire article R&RE, p. 1252, § 1, effective July 1.
This section is similar to former § 5-6-115, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 2 - NOTIFICATION AND FEES (§§ 5-6-201 — 5-6-204) › Section 5-6-201 - Applicability

(1)
Except as provided in subsections (2) and (3) of this section, this part 2 applies if a person:
(a)
Makes consumer credit sales and charges or collects a finance charge, or makes consumer leases; or
(b)
Takes assignments of and undertakes direct collection of payments from, or enforcement of rights against, consumers arising from consumer credit sales or consumer leases.
(2)
This part 2 does not apply to supervised lenders described in section
5-1-301 (46)
, persons making consumer loans described in section
5-1-301 (15)
, or to persons licensed as collection agencies pursuant to article
16
of this title 5.
(3)
Section
5-6-204
of this part 2 applies to all fees collected under this code.
Amended by 2023 Ch. 360,§ 3, eff. 8/7/2023.
Amended by 2017 Ch. 260, §10, eff. 8/9/2017.
L. 2000: Entire article R&RE, p. 1252, § 1, effective July 1. L. 2009: (1)(a) amended, (HB 09 -1141), ch. 41, p. 158, §4, effective 1/1/2010. L. 2017: (2) amended, (HB 17-1238), ch. 260, p. 1171, § 10, effective August 9.
This section is similar to former § 5-6-201, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 2 - NOTIFICATION AND FEES (§§ 5-6-201 — 5-6-204) › Section 5-6-202 - Notification

(1)
Persons subject to this part 2 shall file notification with, and pay the fee prescribed in section
5-6-203
to, the administrator within thirty days after commencing business in this state and, thereafter, on or before July 1 of each year. The notification must state:
(a)
Name of the person;
(b)
Name in which business is transacted if different from paragraph (a) of this subsection (1);
(c)
Address of principal office, which may be outside this state;
(d)
Address of all offices or retail stores, if any, in this state at which consumer credit sales or consumer leases are made or, in the case of a person taking assignments of obligations, the offices or places of business within this state at which business is transacted;
(e)
If consumer credit sales or consumer leases are made otherwise than at an office or retail store in this state, a brief description of the manner in which they are made;
(f)
Address of designated agent upon whom service of process may be made in this state described in section
5-1-203
; and
(g)
Whether supervised loans are made.
(2)
If information in a notification becomes inaccurate after filing, no further notification is required until the following notification.
Amended by 2023 Ch. 360,§ 4, eff. 8/7/2023.
L. 2000: Entire article R&RE, p. 1252, § 1, effective July 1.
This section is similar to former § 5-6-202, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 2 - NOTIFICATION AND FEES (§§ 5-6-201 — 5-6-204) › Section 5-6-204 - Cash fund created - repeal

(1)
(a)
All fees collected under this code and under article
10
of this title 5 prior to July 1, 2024, shall be credited to the uniform consumer credit code cash fund, which is created and referred to in this section as the "fund", and all money credited to the fund shall be used for the administration and enforcement of this code, article
10
of this title 5, and article
19
of this title 5. Interest earned on the fund shall be credited to the fund. The general assembly shall make annual appropriations out of the fund for the administration and enforcement of this code, article
10
of this title 5, and article
19
of this title 5; except that expenditures by the administrator for consumer and creditor education resulting from the penalties provided in sections
5-2-303 (7)(f)
,
5-6-109 (1)
,
5-6-110
, and
5-6-114 (2)
shall not require appropriation by the general assembly if the expenditures do not exceed twenty-five thousand dollars per fiscal year and do not include the hiring of any full-time equivalents.
(b)
On September 30, 2024, the state treasurer shall transfer the unexpended and unencumbered balance of the uniform consumer credit code cash fund to the consumer credit unit cash fund created in section
5-2-302 (11)
.
(c)
This subsection (1) is repealed, effective July 1, 2026.
(1.5)
On and after July 1, 2024, the state treasurer shall credit all fees collected under this article 6 to the consumer credit unit cash fund created in section
5-2-302 (11)
.
(2) and (3)
Repealed.
(4)
Notwithstanding subsection (1) of this section, the state treasurer shall transfer the penalties collected pursuant to section
5-6-114 (1)(a)
to the general fund.
Amended by 2023 Ch. 360,§ 6, eff. 8/7/2023.
Amended by 2017 Ch. 260, §11, eff. 8/9/2017.
Amended by 2015 Ch. 259, §6, eff. 8/5/2015.
L. 2000: Entire article R&RE, p. 1254, § 1, effective July 1. L. 2001: Entire section amended, p. 30, § 14, effective March 9. L. 2002: Entire section amended, p. 150, § 1, effective March 27. L. 2003: (3) added, p. 454, § 1, effective March 5. L. 2011: (4) added, (HB 11 -1221), ch. 121, p. 382, §4, effective July 1. L. 2015: (2) and (3) repealed, (SB 15-264), ch. 259, p. 941, § 6, effective August 5. L. 2017: (1) amended, (HB 17-1238), ch. 260, p. 1171, § 11, effective August 9.
This section is similar to former § 5-6-204, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 3 - COUNCIL OF ADVISORS ON CONSUMER CREDIT (§§ 5-6-301 — 5-6-302) › Section 5-6-301 - Council of advisors on consumer credit

(1)
There is hereby created the council of advisors on consumer credit consisting of nine members who shall be appointed by the governor. One of the advisors shall be designated by the governor as chairperson. In appointing members of the council, the governor shall seek to achieve a fair representation from the various segments of the consumer credit industry and public.
(2)
The term of office of each member of the council is three years. A member chosen to fill a vacancy arising otherwise than by expiration of a term shall be appointed for the unexpired term of the member whom he or she is to succeed. A member of the council is eligible for reappointment.
(3)
Members of the council shall serve without compensation but are entitled to reimbursement of actual and necessary expenses incurred in the performance of their duties.
L. 2000: Entire article R&RE, p. 1254, § 1, effective July 1.
This section is similar to former § 5-6-301, 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 6 - ADMINISTRATION (§§ 5-6-101 — 5-6-302) › Part 3 - COUNCIL OF ADVISORS ON CONSUMER CREDIT (§§ 5-6-301 — 5-6-302) › Section 5-6-302 - Function of council - conflict of interest

(1)
The council shall advise and consult with the administrator concerning the exercise of the administrator's powers under this code and may make recommendations to the administrator. Members of the council may assist the administrator in obtaining compliance with this code. Since it is an objective of this part 3 to obtain competent representatives of creditors and the public to serve on the council and to assist and cooperate with the administrator in achieving the objectives of this code, service on the council shall not in itself constitute a conflict of interest regardless of the occupations or associations of the members.
(2)
(a)
There is hereby created a subcommittee of the council of advisors on consumer credit for the purpose specified in paragraph (b) of this subsection (2). The subcommittee shall consist of the attorney general, the chairperson of the council, and three members of the council appointed by such chairperson. Of the subcommittee members who are also members of the council, two shall be representatives of the consumer credit industry and two shall be representatives of the public. Any action taken by a majority of the subcommittee shall constitute action by the council.
(b)
The subcommittee may review, repeal, amend, or modify any rule promulgated by the administrator pursuant to section
5-6-104(1)(e)
.
L. 2000: Entire article R&RE, p. 1254, § 1, effective July 1.
This section is similar to former § 5-6-302, 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 7 - [Repealed] INSURANCE PREMIUM FINANCING (§ 5-7-101) › Section 5-7-101 - to 5-7-103 - [Repealed]

L. 2001: Entire article repealed, p. 30, § 15, effective March 9.
This article was added in 1977.
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 9 - EFFECTIVE DATE (§§ 5-9-101 — 5-9-103) › Section 5-9-101.5 - Time of taking effect - provisions for transition

(1)
Except as otherwise provided in this section, this code as it exists following the repeal and reenactment contained in House Bill 00-1185, as enacted at the second regular session of the sixty-second general assembly, takes effect at 12:01 a.m. on July 1, 2000.
(2)
Transactions entered into before July 1, 2000, and the rights, duties, and interests flowing from them thereafter, may be terminated, completed, consummated, or enforced as required or permitted by any statute, rule of law, or other law amended, repealed, or modified by this code as though the repeal, amendment, or modification had not occurred, but this code applies to:
(a)
Refinancings, consolidations, and deferrals made on or after July 1, 2000, concerning sales, leases, and loans whenever made;
(b)
Sales or loans made on or after July 1, 2000, pursuant to revolving credit accounts entered into, arranged, or contracted for before July 1, 2000; and
(c)
All credit transactions made before July 1, 2000, insofar as article
5
of this title limits the remedies of creditors. Notwithstanding anything to the contrary, the disclosures described in sections
5-3-105(5)
,
5-3-106
,
5-5-110(4)
, and
5-5-111(3)
of this code take effect January 1, 2001.
L. 2000: Entire section added, p. 1256, § 4, 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 9 - EFFECTIVE DATE (§§ 5-9-101 — 5-9-103) › Section 5-9-102 - Continuation of licensing prior to July 1, 2000

Notwithstanding the repeal and reenactment of articles 2 and 3 of chapter 73, C.R.S. 1963, by this code, all persons licensed or otherwise authorized under the provisions of articles 2 or 3 of chapter 73, C.R.S. 1963, immediately prior to October 1, 1971, are licensed to make supervised loans under this code as it existed prior to the enactment of House Bill 00-1185, as enacted at the second regular session of the sixty-second general assembly, pursuant to the provisions on supervised loans of the article on loans (part 5 of article
3
of this title) in effect on and after October 1, 1971, but before July 1, 2000, and all provisions of said sections apply to the persons so previously licensed or authorized. The administrator may, but is not required to, deliver evidence of licensing to the persons so previously licensed or authorized.
L. 71: R&RE, p. 851, § 1. C.R.S. 1963: § 73-9-102. L. 2000: Entire section amended, p. 1256, § 3, effective July 1.
OFFICIAL COMMENT
This section provides automatic licensing under Article 3, Part 5 [Section
5-3-501
et seq.] for all lenders previously licensed under the State's licensed lender statutes prior to the effective date. No application or administrative action is required and the formal license under the prior statute, which will be repealed, will be a license under Part 5 of Article 3. The Administrator, at such time as his new duties under the Code permit him an opportunity, may substitute new licenses for those in the lenders' possession, but this is entirely a ministerial act.
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 9 - EFFECTIVE DATE (§§ 5-9-101 — 5-9-103) › Section 5-9-102.5 - Continuation of licensing after July 1, 2000

Notwithstanding the repeal and reenactment of part 5 of article
3
of this title by House Bill 00-1185, as enacted at the second regular session of the sixty-second general assembly, all persons licensed or otherwise authorized under the provisions of part 5 of article 3 immediately prior to July 1, 2000, are licensed to make supervised loans under this code pursuant to the provisions on supervised loans contained in part 3 of article
2
of this title, and all provisions of said part 3 apply to the persons so previously licensed or authorized. The administrator may, but is not required to, deliver evidence of licensing to the persons so previously licensed or authorized.
L. 2000: Entire section added, p. 1256, § 4, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-101 - Definitions

As used in this article 9.3, unless the context otherwise requires:
(1)
"Consumer finance agreement" or "finance agreement" means a retail installment sales contract or consumer credit transaction, other than a consumer lease, for the purchase or refinance of a motor vehicle.
(2)
"Deficiency balance" means the amount owed by the consumer under a consumer finance agreement at the time of a total loss of the consumer's motor vehicle that was collateral securing the consumer finance agreement, calculated in accordance with the terms of the finance agreement.
(3)
"Guaranteed asset protection administrator" or "GAP administrator" means the person, other than the creditor or insurer, that performs the administrative or operational functions pursuant to the GAP agreement.
(4)
(a)
"Guaranteed asset protection agreement" or "GAP agreement" means an agreement, structured as either an insurance policy or a contractual term, sold or written in connection with a consumer finance agreement, that relieves all or part of a consumer's liability for the deficiency balance remaining, after the payment of all insurance proceeds, upon the total loss of the consumer's motor vehicle that was collateral securing the consumer finance agreement, whether the loss occurred from the total destruction of the motor vehicle, the unrecovered theft of the motor vehicle, or both.
(b)
A GAP agreement may also provide a consumer with a benefit that waives a certain amount or provides a credit for a certain amount toward the purchase of a replacement motor vehicle.
(5)
"Guaranteed asset protection fee" or "GAP fee" means the fee, charge, premium, or other amount that a creditor may charge a consumer for a guaranteed asset protection agreement.
(6)
"Motor vehicle" means a self-propelled or towed vehicle designed for personal or commercial use, including but not limited to automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercrafts, and related trailers.
(7)
"Original creditor" means the creditor that makes or arranges a consumer finance agreement with a consumer and to which the finance agreement is initially payable. "Original creditor" does not include any assignee of the finance agreement.
(8)
"Retail installment sales contract" means a retail contract to sell a motor vehicle to a consumer in which:
(a)
The consumer agrees to pay the retail seller over time, in installments, the cost of the motor vehicle plus interest; and
(b)
The retail seller takes or retains a security interest in the motor vehicle.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-102 - Applicability

(1)
This article 9.3 applies to every creditor, whether the creditor is an assignee or holder of a finance agreement that includes a GAP agreement. A creditor, assignee, or holder does not have any subrogation rights against the consumer.
(2)
This article 9.3 does not apply to a GAP agreement that is included in:
(a)
A consumer lease;
(b)
A loan that does not involve a consumer as defined in section
4-1-201
(10.5);
(c)
A product that does not meet the definition of a guaranteed asset protection agreement; or
(d)
A transaction that is not subject to the "Uniform Consumer Credit Code", articles
1
to
9
of this title 5.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-104 - Guaranteed asset protection fees

(1)
(a)
The maximum GAP fee that a creditor may charge for a GAP agreement must not exceed four percent of the total amount financed in the finance agreement, or six hundred dollars, whichever amount is greater.
(b)
This subsection (1) does not apply to any GAP agreement that is subject to regulation by the division of insurance pursuant to title 10.
(2)
(a)
A creditor may contract for, charge, and receive only one GAP fee as part of a GAP agreement, regardless of the number of co-borrowers, cosigners, or guarantors in the finance agreement.
(b)
In the event that the GAP agreement has been sold and a valid claim has been made, the creditor may not seek indemnification from the consumer, co-borrowers, cosigners, or guarantors.
(3)
Every finance agreement that includes a GAP fee for a GAP agreement shall contain, either in the finance agreement or GAP agreement signed by the consumer, the following statement:
If this transaction contains a fee, charge, or premium for guaranteed asset protection, all holders and assignees of this consumer credit transaction are subject to all claims and defenses that the consumer could assert against the original creditor resulting from the consumer's purchase of the guaranteed asset protection.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-105 - Calculation and payment of deficiency balance

(1)
The calculation of the payment or waiver of the deficiency balance may exclude the following, as long as these exclusions are clearly specified in the GAP agreement:
(a)
Amounts owed for unpaid installments under the finance agreement, including any fees or surcharges imposed as late charges for unpaid installments;
(b)
Legally permitted fees incurred after the effective date of the finance agreement;
(c)
Fees for the return or dishonor of checks or other instruments tendered as payment;
(d)
Premiums or fees for legally permitted insurance added after the effective date of the finance agreement;
(e)
Refunds owed on cancellable service contracts and other protection products that were financed in the finance agreement;
(f)
The salvage value of the motor vehicle, as determined by the consumer's primary insurer of the motor vehicle, if the totaled motor vehicle is retained by the consumer; and
(g)
Deductions taken by the consumer's primary insurer of the motor vehicle for prior unrepaired damage to the motor vehicle if, before taking the deduction, the GAP administrator or lender has documentary proof that:
(I)
The consumer submitted an insurance claim related to prior unrepaired damage to the motor vehicle; or
(II)
The consumer received payment for the prior unrepaired damage to the motor vehicle.
(2)
Except as provided in this article 9.3, the GAP agreement must pay or waive all of the deficiency balance that would have been owed if:
(a)
The consumer had maintained property damage insurance covering the actual cash value of the motor vehicle as of the date of loss, even if the consumer has not maintained such property damage insurance; or
(b)
The creditor had purchased property damage insurance for the motor vehicle pursuant to section
5-2-209
.
(3)
The GAP agreement must provide the consumer with a full refund or a credit of the amount of the consumer's deductible charged for property damage, up to five hundred dollars, as part of the payment of, or relief from, liability for the deficiency balance. The GAP agreement may provide additional coverage for the consumer's deductible in excess of five hundred dollars.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-106 - Cancellation of GAP agreement

(1)
The original creditor must refund to the consumer the unearned GAP fee paid pursuant to the GAP agreement if:
(a)
The finance agreement is prepaid prior to maturity or the motor vehicle is no longer in the consumer's possession due to the creditor's lawful repossession and disposition of the collateral; and
(b)
The consumer has not made a claim under the GAP agreement.
(2)
(a)
If the GAP agreement is provided as a contractual term of the finance agreement, any refund issued must be calculated using a pro rata method or any other method approved by the administrator.
(b)
If the GAP agreement is provided as insurance, any refund issued must be calculated using a method authorized under applicable insurance statutes, rules, or interpretations of the commissioner of insurance pursuant to title 10.
(3)
(a)
In the event that the consumer finance agreement has been assigned to a person other than the original creditor, the assignee shall send notice to the original creditor requesting, on behalf of the consumer, a refund of the unearned GAP fee pursuant to the GAP agreement. Upon receipt of such notice from the assignee, the original creditor shall provide the unearned GAP fee to the consumer within thirty days.
(b)
If the original creditor has not refunded the unearned GAP fee to the consumer within thirty days pursuant to subsection (3)(a) of this section, the assignee shall provide the refund to the consumer, and the original creditor or GAP administrator shall reimburse the assignee for the amount of such refund no later than forty-five days after the original creditor or GAP administrator has received notice from the assignee.
(4)
A cancellation fee of not more than twenty-five dollars may be charged to a consumer if the consumer cancels the GAP agreement more than thirty days after the effective date of the GAP agreement.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-107 - Filing of claim

A consumer has ninety days after the loss settlement from any property damage insurance or from the date the creditor notifies the consumer of any deficiency balance owed, whichever is later, to file a claim under the GAP agreement or seek debt cancellation from the creditor.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-108 - Prohibitions on sale of guaranteed asset protection agreements

(1)
A GAP agreement shall not be sold to a consumer if:
(a)
The consumer is ineligible for a GAP agreement;
(b)
The finance agreement terms preclude coverage under a GAP agreement;
(c)
The motor vehicle used as collateral for the finance agreement is ineligible for coverage under a GAP agreement;
(d)
The GAP agreement limits coverage to a maximum loan-to-value ratio and the terms of the finance agreement exceed the maximum loan-to-value ratio stated in the GAP agreement;
(e)
The maximum loan to value ratio in the GAP agreement exceeds one hundred fifty percent; or
(f)
The transaction would be unconscionable as described in section
5-4-106
,
5-5-109
, or
5-6-112
.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, 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 9.3 - GUARANTEED ASSET PROTECTION AGREEMENTS (§§ 5-9.3-101 — 5-9.3-109) › Section 5-9.3-109 - Enforcement

The administrator designated in section
5-6-103
may enforce the provisions of this article 9.3, pursuant to article
6
of this title 5, against any creditor or GAP administrator who violates this article 9.3.
Added by 2023 Ch. 425,§ 3, eff. 1/1/2024.
2023 Ch. 425, was passed without a safety clause. See Colo. Const. art. V, § 1(3).