reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3 - 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 5-3-108 - Written agreement required

No consumer credit transaction shall be valid or enforceable in this state unless its terms are contained in a written agreement and a copy is provided to the consumer at or before the time credit is extended. A creditor may provide the copy to the consumer in a form other than paper upon the consumer's written authorization.
L. 2000: Entire article R&RE, p. 1217, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3 - 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 5-3-109 - Records

Every creditor shall maintain records in conformity with this code, rules adopted thereunder, and generally accepted accounting principles and practices in a manner that will establish that the creditor is complying with the provisions of this code. The record-keeping system of a creditor shall be sufficient if the creditor makes the required information reasonably available. The records pertaining to any credit transaction need not be preserved for more than four years after making the final entry relating to the transaction, but, in the case of a revolving credit account, the four years is measured from the date of each entry.
L. 2000: Entire article R&RE, p. 1217, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3 - 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 5-3-110 - Advertising

(1)
A creditor may not advertise, print, display, publish, distribute, broadcast, transmit or cause to be advertised, printed, displayed, published, distributed, broadcast, or transmitted in any manner any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions of credit of a consumer credit transaction.
(2)
This section imposes no liability on the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated.
(3)
Advertising that complies with the federal "Truth in Lending Act" and the federal "Consumer Leasing Act" does not violate this section.
L. 2000: Entire article R&RE, p. 1217, § 1, effective July 1.
This section is similar to former §§ 5-2-312 and 5-2-313, as they 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 5-3-111 - Use of credit scores

Any provision in a contract that prohibits the disclosure of a credit score by a consumer reporting agency or a person who makes or arranges loans secured by a dwelling is void. For the purposes of this section, "dwelling" means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, or trailer, if it is used as a residence.
L. 2002: Entire section added, p. 648, § 4, effective 7/1/2003.
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 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-201 - Security in sales or leases

(1)
With respect to a consumer credit sale, a creditor may take a security interest in the property sold. In addition, a creditor may take a security interest in goods upon which services are performed or to which goods sold are annexed, or in land to which the goods are affixed or that is maintained, repaired, or improved as a result of the sale of the goods or services, if in the case of a security interest in land the debt secured is three thousand dollars or more, or in the case of a security interest in goods the debt secured is one thousand dollars or more. Except as provided with respect to cross-collateral described in section
5-3-202
, a creditor may not otherwise take a security interest in property of the consumer to secure the debt arising from a consumer credit sale.
(2)
With respect to a consumer lease, a creditor may not take a security interest in property of the consumer to secure the debt arising from the lease. This subsection (2) does not apply to a security deposit for a consumer lease.
(3)
A security interest taken in violation of this section is void.
L. 2000: Entire article R&RE, p. 1218, § 1, effective July 1.
This section is similar to former § 5-2-407, 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 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-202 - Cross-collateral

(1)
In addition to contracting for a security interest pursuant to the provisions on security in sales or leases contained in section
5-3-201
, a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt.
(2)
If the seller contracts for a security interest in other property pursuant to this section, the rate of finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on consolidation involving a refinancing contained in section
5-2-205(1)
. The seller has a reasonable time after so contracting to make any adjustments required by this section. "Seller" in this section does not include an assignee not related to the original seller.
L. 2000: Entire article R&RE, p. 1218, § 1, effective July 1.
This section is similar to former § 5-2-408, 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 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-203 - Debt secured by cross-collateral

(1)
If debts arising from two or more consumer credit sales, other than sales pursuant to a revolving credit account, are secured by cross-collateral or consolidated into one debt payable on a single schedule of payments and the debt is secured by security interests taken with respect to one or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debts originally incurred with respect to each item are paid.
(2)
Payments received by the seller upon a revolving credit account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made.
(3)
If the debts consolidated arose from two or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the smallest debt.
L. 2000: Entire article R&RE, p. 1219, § 1, effective July 1.
This section is similar to former § 5-2-409, 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 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-204 - Restrictions on interest in land as security

(1)
With respect to a consumer loan in which the amount financed is three thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.
(2)
For the purposes of this section, on revolving credit accounts, the amount financed shall be determined by the limit in the amount of credit made available to or for the account of the consumer if that limit is established by an express written agreement by the lender and if the lender does not retain the right to unilaterally reduce that credit limit, except in the event of default.
L. 2000: Entire article R&RE, p. 1219, § 1, effective July 1.
This section is similar to former § 5-3-510, 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 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-205 - Use of multiple agreements

A creditor may not use multiple agreements with respect to a single consumer credit transaction for the purpose of obtaining a higher finance charge than would otherwise be permitted by this code or to avoid disclosure of an annual percentage rate pursuant to the provisions on disclosure and advertising. Dividing a single consumer credit transaction between a husband and wife shall be presumed to be a violation of this section. The excess amount of finance charge provided for in agreements in violation of this section is an excess charge for the purposes of the provisions on the effect of violations on rights of parties contained in section
5-5-201
and the provisions on civil actions by the administrator contained in section
5-6-114
.
L. 2000: Entire article R&RE, p. 1219, § 1, effective July 1.
This section is similar to former §§ 5-2-402 and 5-3-409, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-206 - No assignment of earnings

(1)
A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of a debt arising out of a consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the consumer.
(2)
A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to him or her secured by an assignment of earnings.
L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1.
This section is similar to former §§ 5-2-410 and 5-3-403, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-207 - Authorization to confess judgment prohibited

A consumer may not authorize any person to confess judgment on a claim arising out of a consumer credit transaction. An authorization in violation of this section is void.
L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1.
This section is similar to former §§ 5-2-415 and 5-3-407, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-208 - Balloon payments

With respect to a consumer credit transaction other than one pursuant to a revolving credit account, if any scheduled payment is more than twice as large as the average of all other regularly scheduled payments, the consumer has the right to refinance the amount of that payment at the time it is due at the creditor's prevailing rates for such type of transaction if the consumer meets the creditor's normal credit standards and if the creditor is, at that time, in the business of making such transactions. The creditor shall disclose this right in writing to the consumer at the time the transaction is entered into. These provisions do not apply to the extent that the payment schedule is adjusted to the seasonal or irregular income of the consumer. This section shall not apply to a transaction of a class defined by rule of the administrator promulgated in accordance with article
4
of title
24
, C.R.S., as not requiring for the protection of the consumer his or her right to refinance as provided in this section.
L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1.
This section is similar to former §§ 5-2-405 and 5-3-402, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-209 - Referral sales

With respect to a consumer credit sale or consumer lease, the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the consumer as an inducement for a sale or lease in consideration of the consumer giving to the seller or lessor the names of prospective purchasers or lessees, or otherwise aiding the seller or lessor in making a sale or lease to another person, if the earning of the rebate, discount, or other value is contingent upon the occurrence of an event subsequent to the time the consumer agrees to buy or lease. If a consumer is induced by a violation of this section to enter into a consumer credit sale or consumer lease, the agreement is unenforceable by the seller or lessor and the consumer, at his or her option, may rescind the agreement or retain the goods delivered and the benefit of any services performed without any obligation to pay for them.
L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1.
This section is similar to former § 5-2-411, 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 2 - LIMITATIONS ON AGREEMENTS AND PRACTICES (§§ 5-3-201 — 5-3-210) › Section 5-3-210 - Discrimination prohibited - exemption

A consumer credit transaction regulated by this code shall not be denied any person, nor shall terms and conditions be made more stringent, on the basis of discrimination, solely because of disability, race, creed, religion, color, sex, sexual orientation, gender identity, gender expression, marital status, national origin, or ancestry. This section does not apply to any consumer credit transaction made or denied by a seller, lessor, or lender whose total original unpaid balances arising from consumer credit transactions for the previous calendar year are less than one million dollars.
Amended by 2021 Ch. 156,§ 10, eff. 9/7/2021.
L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1. L. 2008: Entire section amended, p. 1598, § 10, effective May 29.
This section is similar to former § 5-1-109, as it existed prior to 2000.
(1) For civil liability for discrimination, see § 5-5-206; for discrimination generally, see article 34 of title 24. (2) For the legislative declaration contained in the 2008 act amending this section, see section 1 of chapter 341, Session Laws of Colorado 2008. (3) For the legislative declaration in HB 21-1108, see section 1 of chapter 156, Session Laws of Colorado 2021.
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 3 - LIMITATIONS ON CONSUMERS' LIABILITIES (§§ 5-3-301 — 5-3-305) › Section 5-3-301 - Restriction on liability in consumer lease

The obligation of a lessee upon expiration of a consumer lease, may not exceed twice the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default.
L. 2000: Entire article R&RE, p. 1221, § 1, effective July 1.
This section is similar to former § 5-2-406, 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 3 - LIMITATIONS ON CONSUMERS' LIABILITIES (§§ 5-3-301 — 5-3-305) › Section 5-3-302 - Limitation on default charges

Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit transaction may not provide for charges as a result of default by the consumer other than those authorized by this code. A provision in violation of this section is unenforceable.
L. 2000: Entire article R&RE, p. 1221, § 1, effective July 1.
This section is similar to former §§ 5-2-414 and 5-3-405, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 3 - LIMITATIONS ON CONSUMERS' LIABILITIES (§§ 5-3-301 — 5-3-305) › Section 5-3-303 - Assignee subject to claims and defenses

(1)
With respect to a consumer credit sale or consumer lease, an assignee of the rights of the seller or lessor is subject to all claims and defenses of the buyer against the seller or lessor arising from the sale or lease of goods or services, notwithstanding that the assignee is a holder in due course of a negotiable instrument issued in connection with the consumer credit sale or consumer lease.
(2)
A claim or defense of a consumer specified in subsection (1) of this section may be asserted against the assignee under this section only to the extent of the amount owing to the assignee with respect to the sale or lease of the goods or services as to which the claim or defense arose at the time the assignee has written notice of the claim or defense.
(3)
For the purpose of determining the amount owing to the assignee with respect to the sale or lease:
(a)
Payments received by the assignee after the consolidation of two or more consumer credit sales, except pursuant to a revolving credit account, are deemed to have been first applied to the payment of the sales first made; if the sales consolidated arose from sales made on the same day, payments are deemed to have been first applied to the smallest sale; and
(b)
Payments received upon a revolving credit account are deemed to have been first applied to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries of the debts are made to the account.
(4)
An agreement may not limit or waive the claims or defenses of a consumer under this section.
L. 2000: Entire article R&RE, p. 1221, § 1, effective July 1.
This section is similar to former § 5-2-403, 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 3 - LIMITATIONS ON CONSUMERS' LIABILITIES (§§ 5-3-301 — 5-3-305) › Section 5-3-304 - Use of account - constructive assent to terms

The use of a revolving credit account by a consumer, or by any person authorized by the consumer, constitutes the consumer's acceptance of the creditor's offer of credit and creates a binding contract on the creditor's terms then in effect. Such terms may be modified in the future as agreed by the parties and subject to the requirements of this article, including, but not limited to, the notice requirements of section
5-3-103
.
L. 2000: Entire article R&RE, p. 1222, § 1, effective July 1.
This section is similar to former §§ 5-2-417 and 5-3-411, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 3 - LIMITATIONS ON CONSUMERS' LIABILITIES (§§ 5-3-301 — 5-3-305) › Section 5-3-305 - Advance payment to reserve lodging and motor vehicle rental services - notice to consumer required

If a deposit, reservation fee, or other advance payment is to be charged to a revolving credit account for lodging or motor vehicle rental services to be provided in the future in this state, the seller shall not charge such advance payment to the consumer's account without first notifying the consumer, either orally or in writing, and giving the consumer the opportunity to reject the services.
L. 2000: Entire article R&RE, p. 1222, § 1, effective July 1.
This section is similar to former § 5-2-418, 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 4 - HOME SOLICITATION SALES (§§ 5-3-401 — 5-3-405) › Section 5-3-401 - Definitions - "home solicitation sale"

"Home solicitation sale" means a consumer credit sale of goods or services in which the seller or a person acting for the seller personally solicits the sale and the buyer's agreement or offer to purchase is given to the seller or a person acting for the seller at a residence. It does not include a sale made pursuant to a preexisting revolving credit account, a sale made pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale, a transaction conducted and consummated entirely by mail or telephone, or a sale that is subject to the provisions of the federal "Truth in Lending Act" on the consumer's right to rescind certain transactions.
L. 2000: Entire article R&RE, p. 1222, § 1, effective July 1.
This section is similar to former § 5-2-501, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 4 - HOME SOLICITATION SALES (§§ 5-3-401 — 5-3-405) › Section 5-3-402 - Buyer's right to cancel

(1)
Except as provided in subsection (5) of this section, in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase that complies with this part 4.
(2)
Cancellation occurs when the buyer gives written notice of cancellation to the seller at the address stated in the agreement or offer to purchase.
(3)
Notice of cancellation, if given by mail, is given when it is deposited in a mail box properly addressed and postage prepaid.
(4)
Notice of cancellation given by the buyer need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the buyer not to be bound by the home solicitation sale.
(5)
The buyer may not cancel a home solicitation sale if, by separate dated and signed statement that is not as to its material provisions a printed form and describes an emergency requiring immediate remedy, the buyer requests the seller to provide goods or services without delay in order to safeguard the health, safety, or welfare of natural persons or to prevent damage to property the buyer owns or for which the buyer is responsible, and:
(a)
The seller in good faith makes a substantial beginning of performance of the contract before the buyer gives notice of cancellation; and
(b)
In the case of goods, the goods cannot be returned to the seller in substantially as good condition as when received by the buyer.
L. 2000: Entire article R&RE, p. 1222, § 1, effective July 1.
This section is similar to former § 5-2-502, 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 4 - HOME SOLICITATION SALES (§§ 5-3-401 — 5-3-405) › Section 5-3-403 - Form of agreement or offer - statement of buyer's rights

(1)
In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller must present to the buyer, and obtain his signature to, a written agreement or offer to purchase that designates as the date of the transaction the date on which the buyer actually signs and contains a statement of the buyer's rights that complies with subsection (2) of this section. A copy of any writing required by this subsection (1) to be signed by the buyer, completed at least as to the date of the transaction and the name and mailing address of the seller, shall be given to the buyer at the time the buyer signs the writing.
(2)
The statement shall comply with any notice of cancellation or a similar requirement of any trade regulation rule of the federal trade commission that by its terms applies to the home solicitation sale.
(3)
Until the seller has complied with this section, the buyer may cancel the home solicitation sale by notifying the seller in any manner and by any means of the buyer's intention to cancel; except that the buyer's right of cancellation shall expire three years after the date of the consummation of the home solicitation sale, notwithstanding the fact that the seller has not complied with this part 4.
L. 2000: Entire article R&RE, p. 1223, § 1, effective July 1.
This section is similar to former § 5-2-503, 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 4 - HOME SOLICITATION SALES (§§ 5-3-401 — 5-3-405) › Section 5-3-404 - Restoration of down payment

(1)
Within ten days after a notice of cancellation has been received by the seller or an offer to purchase has been otherwise revoked, the seller shall tender to the buyer any payments made by the buyer, any note or other evidence of indebtedness, and any goods traded in. A provision permitting the seller to keep all or any part of any goods traded in, payment, note, or other evidence of indebtedness is in violation of this section and unenforceable.
(2)
If the down payment includes goods traded in, the goods shall be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.
(3)
Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to the buyer by the seller and has a lien on the goods in the buyer's possession or control for any recovery to which the buyer is entitled.
L. 2000: Entire article R&RE, p. 1223, § 1, effective July 1.
This section is similar to former § 5-2-504, 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 4 - HOME SOLICITATION SALES (§§ 5-3-401 — 5-3-405) › Section 5-3-405 - Duty of buyer - no compensation for services prior to cancellation

(1)
Except as provided by the provisions on retention of goods by the buyer contained in section
5-3-404(3)
and allowing for ordinary wear and tear or consumption of the goods contemplated by the transaction, within a reasonable time after a home solicitation sale has been canceled or an offer to purchase revoked, the buyer upon demand must tender to the seller any goods delivered by the seller pursuant to the sale, but the buyer is not obligated to tender at any place other than the buyer's residence. If the seller fails to demand possession of goods within a reasonable time after cancellation or revocation, the goods become the property of the buyer without obligation to pay for them. For the purpose of this section, forty days is presumed to be a reasonable time.
(2)
The buyer has a duty to take reasonable care of the goods in his or her possession before cancellation or revocation and for a reasonable time thereafter during which time the goods are otherwise at the seller's risk.
(3)
If a home solicitation sale is canceled, the seller is not entitled to compensation for any services the seller performed pursuant to it.
L. 2000: Entire article R&RE, p. 1224, § 1, effective July 1.
This section is similar to former § 5-2-505, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 5 - CONSUMER INSURANCE PREMIUM FINANCING (§§ 5-3-501 — 5-3-503) › Section 5-3-501 - Scope

The provisions of this part 5 apply to consumer insurance premium loans.
L. 2000: Entire article R&RE, p. 1224, § 1, effective July 1.
This section is similar to former § 5-7-101, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 5 - CONSUMER INSURANCE PREMIUM FINANCING (§§ 5-3-501 — 5-3-503) › Section 5-3-502 - Form of insurance premium loan agreement

An agreement pursuant to which a consumer insurance premium loan is made shall contain the names of the insurance agent or broker negotiating each policy or contract and of the insurer issuing each policy or contract, the number and inception date of and premium for each policy or contract, the date on which the term of the loan begins, and a clear and conspicuous notice that each policy or contract may be canceled if payment is not made in accordance with the agreement. If a policy or contract has not been issued by the time the agreement is signed, the agreement may provide that the insurance agent or broker may insert the appropriate information in the agreement and, if he or she does so, shall furnish the information promptly in writing to the insured.
L. 2000: Entire article R&RE, p. 1224, § 1, effective July 1.
This section is similar to former § 5-7-102, 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 3 - REGULATION OF AGREEMENTS AND PRACTICES (§§ 5-3-101 — 5-3-503) › Part 5 - CONSUMER INSURANCE PREMIUM FINANCING (§§ 5-3-501 — 5-3-503) › Section 5-3-503 - Notice of cancellation

If a default exists on a consumer insurance premium loan and any right to cure that exists has expired without cure being effected, the lender may give notice of cancellation of each insurance policy or contract to be canceled. If given, the notice of cancellation shall be in writing and given to the insurer who issued the policy or contract and to the insured. The insurer, within two business days after receipt of the notice of cancellation together with a copy of the insurance premium loan agreement if not previously given to the insurer, shall give any notice of cancellation required by the policy, contract, or law and, within ten business days after the effective date of the cancellation, pay to the lender any premium unearned on the policy or contract as of that effective date. Within ten business days after receipt of the unearned premium, the lender shall pay to the consumer indebted upon the insurance premium loan any excess of the unearned premium received over the amount owing by the consumer upon the insurance premium loan.
L. 2000: Entire article R&RE, p. 1224, § 1, effective July 1.
This section is similar to former § 5-7-103, 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 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-101 - Short title

This article shall be known and may be cited as the "Deferred Deposit Loan Act".
L. 2000: Entire article added, p. 439, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-101.5 - Legislative declaration

The people of this state find and declare that payday lenders are charging up to two hundred percent annually for payday loans and that excess charges on such loans can lead Colorado families into a debt trap of repeat borrowing. It is the intent of the people to lower the maximum authorized finance charge for payday loans to an annual percentage rate of thirty-six percent.
Initiated 2018: Entire section added, Proposition 111, L. 2019, p. 4539, § 1, effective 2/1/2019, proclamation of the Governor issued December 19, 2018.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-103 - Written agreement requirements

Each deferred deposit loan transaction and renewal shall be documented by a written agreement signed by both the lender and consumer. The written agreement shall contain the name of the consumer; the transaction date; the amount of the instrument; the annual percentage rate charged; a statement of the total amount of finance charges charged, expressed both as a dollar amount and an annual percentage rate; and the name, address, and telephone number of any agent or arranger involved in the transaction. In addition, the written agreement shall include all disclosures required by section
5-3-101(2)
. The written agreement shall set a date upon which the instrument may be deposited or negotiated. There shall be no maximum loan term or minimum finance charge. The minimum loan term shall be six months from the loan transaction date. The lender shall accept prepayment from a consumer prior to the loan due date and shall not charge the consumer a penalty if the consumer opts to prepay the loan. A lender may hold an instrument and delay completion of the transaction beyond the loan due date without any additional written agreement or new disclosure, but the lender may not charge any additional fees for holding the instrument or delaying the completion of the transaction.
L. 2000: Entire article added, p. 440, § 1, effective July 1. L. 2001: Entire section amended, p. 29, § 7, effective March 9. L. 2003: Entire section amended, p. 1893, § 6, effective July 1. L. 2004: Entire section amended, p. 317, § 2, effective July 1. L. 2010: Entire section amended, (HB 10-1351), ch. 267, p. 1222, §3, effective August 11.
For the legislative declaration in the 2010 act amending this section, see section 1 of chapter 267, Session Laws of Colorado 2010.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-104 - Notice to consumers

A lender shall provide the following notice in a prominent place on each loan agreement in at least ten-point type:
A DEFERRED DEPOSIT LOAN IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS.
A DEFERRED DEPOSIT LOAN SHOULD BE USED ONLY TO MEET SHORT-TERM CASH NEEDS.
RENEWING THE DEFERRED DEPOSIT LOAN RATHER THAN PAYING THE DEBT IN FULL WILL REQUIRE ADDITIONAL FINANCE CHARGES.
L. 2000: Entire article added, p. 440, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-105 - Authorized charges

A lender may charge a finance charge for each deferred deposit loan or payday loan that must not exceed an annual percentage rate of thirty-six percent. If the loan is prepaid prior to the maturity of the loan term, the lender shall refund to the consumer a prorated portion of the finance charge based upon the ratio of time left before maturity to the loan term. A lender may charge only those charges expressly authorized in this article in connection with a deferred deposit loan or payday loan.
Amended by 2018 Proposition 111, approved by the voters in the November 6, 2018 election, eff. 2/1/2019.
L. 2000: Entire article added, p. 441, § 1, effective July 1. L. 2010: Entire section amended, (HB 10-1351), ch. 1222, p. 1222, § 4, effective August 11. Initiated 2018: Entire section amended, Proposition 111, L. 2019, p. 4539, § 2, effective 2/1/2019, proclamation of the Governor issued December 19, 2018.
For the legislative declaration in the 2010 act amending this section, see section 1 of chapter 267, Session Laws of Colorado 2010.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-106 - Maximum loan amount - right to rescind

(1)
A lender shall not lend an amount greater than five hundred dollars nor shall the amount financed exceed five hundred dollars by any one lender at any time to a consumer. Nothing in this subsection (1) shall preclude a lender from making more than one loan to a consumer so long as the total amount financed does not exceed five hundred dollars at any one time and there is at least a thirty-day waiting period between loans.
(2)
A consumer shall have the right to rescind the deferred deposit loan on or before 5 p.m. the next business day following the loan transaction.
L. 2000: Entire article added, p. 441, § 1, effective July 1. L. 2004: (1) amended, p. 318, § 3, effective July 1. L. 2010: (1) amended, (HB 10-1351), ch. 267, p. 1223, §5, effective August 11.
For the legislative declaration in the 2010 act amending subsection (1), see section 1 of chapter 267, Session Laws of Colorado 2010.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-107 - Multiple outstanding transactions notice

A lender shall provide the following notice in a prominent place on each deferred deposit loan agreement in at least ten-point type:
STATE LAW PROHIBITS DEFERRED DEPOSIT LOANS EXCEEDING FIVE HUNDRED DOLLARS ($500) TOTAL DEBT PLUS APPLICABLE FINANCE CHARGES PERMITTED BY LAW FROM A DEFERRED DEPOSIT LENDER. EXCEEDING THIS AMOUNT MAY CREATE FINANCIAL HARDSHIPS FOR YOU AND YOUR FAMILY. YOU HAVE THE RIGHT TO RESCIND THIS TRANSACTION BY 5 P.M. THE NEXT BUSINESS DAY FOLLOWING THIS TRANSACTION.
L. 2000: Entire article added, p. 441, § 1, effective July 1. L. 2001: Entire section amended, p. 29, § 8, effective March 9.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-108 - Renewal - new loan - consecutive loans - payment plan - definitions

(1)
A deferred deposit loan shall not be renewed more than once. After such renewal, the consumer shall pay the debt in cash or its equivalent. If the consumer does not pay the debt, then the lender may deposit the consumer's instrument.
(2)
Upon renewal of a deferred deposit loan or payday loan, the lender may assess a finance charge that must not exceed an annual percentage rate of thirty-six percent. If the deferred deposit loan or payday loan is renewed prior to the maturity date, the lender shall refund to the consumer a prorated portion of the finance charge based upon the ratio of time left before maturity to the loan term.
(3)
A transaction is completed when the lender presents the instrument for payment or the consumer redeems the instrument by paying the full amount of the instrument to the holder. Once the consumer has completed the deferred deposit transaction, the consumer may enter into a new deferred deposit agreement with the lender. If the consumer's instrument is dishonored by the payor financial institution after the transaction is complete and, before the lender receives a notice of dishonor, the lender makes a new loan that does not exceed the maximum allowable loan, the lender shall not be in violation of the maximum loan amount provisions in section
5-3.1-106
.
(4)
Nothing in this section prohibits a lender from refinancing a deferred deposit loan as a supervised loan subject to the provision of this code, articles
1
to 9 of this title; except that the lender may not contract for or receive the minimum finance charge contained in section
5-2-201 (7)
.
(5)
(Deleted by amendment, L. 2010, (HB 10-1351), ch. 1223, p. 1223, § 6, effective August 11, 2010.)
Amended by 2018 Proposition 111, approved by the voters in the November 6, 2018 election, eff. 2/1/2019.
L. 2000: Entire article added, p. 441, § 1, effective July 1. L. 2001: (4) amended, p. 29, §
9
, effective March 9. L. 2004: (3) amended, p. 318, § 4, effective July 1. L. 2007: (5) added, p. 384, § 1, effective July 1. L. 2010: (2) and (5) amended, (HB 10-1351), ch. 1223, p. 1223, § 6, effective August 11. Initiated 2018: (2) amended, Proposition 111, L. 2019, p. 4539, § 3, effective 2/1/2019, proclamation of the Governor issued December 19, 2018.
For the legislative declaration in the 2010 act amending subsections (2) and (5), see section 1 of chapter 267, Session Laws of Colorado 2010.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-109 - Form of loan proceeds

A lender may pay the proceeds from a deferred deposit loan to the consumer in the form of a business instrument, money order, cash, stored value card, internet transfer, or authorized automated clearinghouse transaction. The consumer shall not be charged an additional finance charge or fee for cashing the lender's business instrument or for negotiating forms of loan proceeds other than cash.
L. 2000: Entire article added, p. 442, § 1, effective July 1. L. 2004: Entire section amended, p. 318, § 5, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-110 - Endorsement of instrument

A lender shall not negotiate or present an instrument for payment unless the instrument is endorsed with the actual business name of the lender.
L. 2000: Entire article added, p. 442, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-111 - Redemption of instrument

Prior to the lender negotiating or presenting the instrument, the consumer shall have the right to redeem any instrument held by a lender as a result of a deferred deposit loan if the consumer pays the full amount of the instrument to the lender.
L. 2000: Entire article added, p. 442, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-112 - Authorized dishonored instrument charge

If an instrument held by a lender as a result of a deferred deposit loan is returned unpaid to the lender from a payor financial institution due to insufficient funds, a closed account, a stop-payment order, or any other reason, not including a bank error, the lender shall have the right to exercise all civil means authorized by law to collect the face value of the instrument; except that the provisions and remedies of section
13-21-109
, C.R.S., are not applicable to any deferred deposit loan. In addition, the lender may contract for and collect one returned instrument charge for each deferred deposit loan, not to exceed twenty-five dollars, plus court costs and reasonable attorney fees as awarded by a court and incurred as a result of the default. However, such attorney fees shall not exceed the loan amount. The lender shall not collect any other fees as a result of default. A returned instrument charge shall not be allowed if the loan proceeds instrument is dishonored by the financial institution or the consumer places a stop-payment order due to forgery or theft.
L. 2000: Entire article added, p. 442, § 1, effective July 1. L. 2004: Entire section amended, p. 318, § 6, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-113 - Posting of charges

Any lender offering a deferred deposit loan shall post at any place of business where deferred deposit loans are made a notice of the finance charges imposed for such deferred deposit loans.
L. 2000: Entire article added, p. 442, § 1, effective July 1. L. 2003: Entire section amended, p. 1894, § 7, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109) › Article 3.1 - DEFERRED DEPOSIT LOAN ACT (§§ 5-3.1-101 — 5-3.1-123) › Section 5-3.1-114 - Notice on assignment or sale of instruments

Prior to sale or assignment of instruments held by the lender as a result of a deferred deposit loan, the lender shall place a notice on the instrument in at least ten-point type to read:
THIS IS A DEFERRED DEPOSIT LOAN INSTRUMENT.
L. 2000: Entire article added, p. 442, § 1, effective July 1.