In accordance with section 525 of the federal "Depository Institutions Deregulation and Monetary Control Act of 1980", Pub.L. 96-221, the general assembly declares that the state of Colorado does not want the amendments to the "Federal Deposit Insurance Act", 12 U.S.C. sec. 1811 et seq.; the federal "National Housing Act", 12 U.S.C. sec. 1701 et seq.; and the "Federal Credit Union Act", 12 U.S.C. sec. 1757, made by sections 521 to 523 of the federal "Depository Institutions Deregulation and Monetary Control Act of 1980", Pub.L. 96-221, prescribing interest rates and preempting state interest rates to apply to consumer credit transactions in this state. The rates established in articles 1 to 9 of this title 5 control consumer credit transactions in this state.
Source: L. 2023: Entire section added, (HB 23-1229), ch. 375, p. 2245, § 3, effective July 1, 2024.
ANNOTATION
"[L]oans made in such State" in 12 U.S.C. § 1831d note refers to loans in which either the lender or the borrower is located in an opt-out state. Nat'l Ass'n of Indus. Bankers v. Weiser, 159 F.4th 694 (10th Cir. 2025).
In the context of § 1831d's opt-out provision, "loan" refers to a "lending", meaning a delivery by one party to and receipt by another party of a sum of money upon agreement, express or implied, to repay it with or without interest. And "made" refers to "executed". Reading the phrase together, "made in such State" functions as a participial adjective phrase to describe the completed state of the loan -- an executed loan. So "loans made in such State" refers to loans executed in the opt-out state, and an executed loan necessarily requires at least two parties -- a lender and a borrower. The plain language of the statute therefore shows that a state's decision to opt out of § 1831d for "loans made in such State" encompasses loans in which either the lender or the borrower is located in the opt-out state. Nat'l Ass'n of Indus. Bankers v. Weiser, 159 F.4th 694 (10th Cir. 2025).
Therefore, because the state has opted out of § 1831d, that section does not preempt the state's interest-rate caps for loans from out-of-state banks to state borrowers. Nat'l Ass'n of Indus. Bankers v. Weiser, 159 F.4th 694 (10th Cir. 2025).
DEBT MANAGEMENT