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.
Source: L. 2000: Entire article R&RE, p. 1245, � 1, effective July 1.
Editor's note: This section is similar to former � 5-6-103, as it existed prior to 2000.
5-6-104. Powers of administrator - harmony with federal regulations - reliance on rules. (1) In addition to other powers granted by this code, the administrator, within the limitations provided by law, may:
(a) Receive and act on complaints, take action designed to obtain voluntary compliance with this code, or commence proceedings on his or her own initiative;
(b) Counsel persons and groups on their rights and duties under this code;
(c) Establish programs for the education of consumers with respect to credit practices and problems;
(d) Make studies appropriate to effectuate the purposes and policies of this code and make the results available to the public;
(e) With approval of the council of advisors on consumer credit subcommittee, adopt, amend, and repeal substantive rules and regulations to carry out the specific provisions of this code, but not with respect to unconscionable agreements or fraudulent or unconscionable conduct, and adopt, amend, and repeal procedural rules to carry out the provisions of this code;
(f) Maintain offices within this state;
(g) Enforce the provisions of article 19 of this title 5;
(h) Employ administrative law judges from the office of administrative courts in the department of personnel to conduct hearings on any matter within the administrator's jurisdiction;
(i) License and regulate collection agencies pursuant to article 16 of this title 5;
(j) Exchange information with another governmental agency or official that has regulatory authority comparable to that of the administrator, subject to an appropriate confidentiality agreement between the administrator and the other agency or official or as otherwise permitted by law. This paragraph (j) shall not be construed to allow the exchange of information with lenders or creditors.
(k) Receive and act on complaints pursuant to section 23-5-113.5.
(2) The administrator may adopt rules not inconsistent with the federal Truth in Lending Act and federal Consumer Leasing Act to assure a meaningful disclosure of credit terms so that a prospective consumer will be able to compare more readily the various credit terms available to him or her and to avoid the uninformed use of credit. Such rules shall supersede any provisions of this code that are inconsistent with the federal Truth in Lending Act and federal Consumer Leasing Act, may contain classifications, differentiations, or other provisions, and may provide for adjustments and exceptions for any class of transactions subject to this code that, in the judgment of the administrator, are necessary or proper to effectuate the purposes of, or to prevent circumvention or evasion of, or to facilitate compliance with, the provisions of this code relating to disclosure of credit terms.
(3) To keep the administrator's rules in harmony with the federal Truth in Lending Act and the federal Consumer Leasing Act and the regulations prescribed from time to time pursuant to that act by the board of governors of the federal reserve system and with the rules of administrators in other jurisdictions that enact the Uniform Consumer Credit Code, the administrator, so far as is consistent with the purposes, policies, and provisions of this code, shall:
(a) Before adopting, amending, and repealing rules and regulations, advise and consult with administrators in other jurisdictions that enact the Uniform Consumer Credit Code; and
(b) In adopting, amending, and repealing rules and regulations, take into consideration:
(I) The regulations so prescribed by the board of governors of the federal reserve system; and
(II) The rules of administrators in other jurisdictions that enact the Uniform Consumer Credit Code.
(4) Except for a refund of an excess charge, no liability is imposed under this code for an act done or omitted in good faith in conformity with a rule, regulation, interpretation, or written response to a person pursuant to a written request on behalf of such identified person by the administrator, notwithstanding that after the act or omission the rule, regulation, interpretation, or written response may be amended or repealed or be determined by judicial or other authority to be invalid for any reason.
Source: L. 2000: Entire article R&RE, p. 1245, � 1, effective July 1; (1)(i) added, p. 945, � 26, effective July 1. L. 2003: (1)(j) added, p. 1896, � 14, effective July 1. L. 2005: (1)(h) amended, p. 853, � 7, effective June 1. L. 2017: (1)(g) and (1)(i) amended, (HB 17-1238), ch. 260, p. 1171, � 9, effective August 9. L. 2022: (1)(i) amended and (1)(k) added, (HB 22-1049), ch. 118, p. 552, � 2, effective April 21.
Editor's note: (1) This section is similar to former � 5-6-104, as it existed prior to 2000.
(2) Subsection (1)(h) from House Bill 00-1182 was harmonized with House Bill 00-1185 and renumbered as subsection (1)(i).
Cross references: For the definitions and federal statutory cites of the Truth in Lending Act and the Consumer Leasing Act, see � 5-1-302.
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.
Source: L. 2000: Entire article R&RE, p. 1246, � 1, effective July 1.
Editor's note: This section is similar to former � 5-6-105, as it existed prior to 2000.