Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
Colo. Rev. Stat. § 5-3-101 Applicability - information required
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(1) For purposes of this section, a consumer credit transaction includes a transaction secured primarily by an interest in land without regard to the rate of the finance charge if the consumer credit transaction is otherwise a consumer credit transaction. (2) The creditor shall d…
Colo. Rev. Stat. § 5-3-102 Notice of assignment
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The consumer is authorized to pay the original creditor until the consumer receives notification of assignment of rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification that does not reasonably identify the right…
Colo. Rev. Stat. § 5-3-103 Change in terms of revolving credit accounts
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(1) If a creditor makes a change in the terms of a revolving account without complying with this section, any additional cost or charge to the consumer resulting from the change is an excess charge and subject to the remedies available to consumers described in section 5-5-202 an…
Colo. Rev. Stat. § 5-3-104 Receipts - statements of account - evidence of payment
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(1) The creditor shall deliver or mail to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. A periodic statement showing a payment received by the creditor complies with this subsectio…
Colo. Rev. Stat. § 5-3-105 Notice to cosigners and similar parties
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(1) No natural person, other than the spouse of the consumer, shall be obligated as a cosigner, comaker, guarantor, endorser, surety, or similar party with respect to a consumer credit transaction, unless before or contemporaneously with signing any agreement of obligation or any…
Colo. Rev. Stat. § 5-3-106 Disclosures for real estate secured consumer credit transactions
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(1) With respect to a real estate secured consumer credit transaction payable in installments, other than one pursuant to a revolving credit account, if the creditor credits payments made after the due date as of the date of receipt rather than the date payment was due, the credi…
Colo. Rev. Stat. § 5-3-107 Disclosures for consumer credit sale secured by a motor vehicle
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If the property that secures a consumer credit sale includes a motor vehicle and the written agreement does not provide for automobile liability insurance, the following clause shall be in the written agreement in capital letters and bold-face type: THIS CONTRACT DOES NOT PROVIDE…
Colo. Rev. Stat. § 5-3-108 Written agreement required
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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 p…
Colo. Rev. Stat. § 5-3-109 Records
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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…
Colo. Rev. Stat. § 5-3-110 Advertising
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(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…
Colo. Rev. Stat. § 5-3-111 Use of credit scores
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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 uni…
Colo. Rev. Stat. § 5-3-201 Security in sales or leases
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(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 …
Colo. Rev. Stat. § 5-3-202 Cross-collateral
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(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 …
Colo. Rev. Stat. § 5-3-203 Debt secured by cross-collateral
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(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 re…
Colo. Rev. Stat. § 5-3-204 Restrictions on interest in land as security
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(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 cr…
Colo. Rev. Stat. § 5-3-205 Use of multiple agreements
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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 di…
Colo. Rev. Stat. § 5-3-206 No assignment of earnings
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(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 revocab…
Colo. Rev. Stat. § 5-3-207 Authorization to confess judgment prohibited
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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. Source: L. 2000: Entire article R&RE, p. 1220, � 1, effective July 1. Editor's note: This section is similar…
Colo. Rev. Stat. § 5-3-208 Balloon payments
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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 a…
Colo. Rev. Stat. § 5-3-209 Referral sales
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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 l…
Colo. Rev. Stat. § 5-3-210 Discrimination prohibited - exemption
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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…
Colo. Rev. Stat. § 5-3-301 Restriction on liability in consumer lease
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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. Source: L. 2000: Entire artic…
Colo. Rev. Stat. § 5-3-302 Limitation on default charges
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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 s…
Colo. Rev. Stat. § 5-3-303 Assignee subject to claims and defenses
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(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 i…
Colo. Rev. Stat. § 5-3-304 Use of account - constructive assent to terms
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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 futur…
Colo. Rev. Stat. § 5-3-305 Advance payment to reserve lodging and motor vehicle rental services - notice to consumer required
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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…
Colo. Rev. Stat. § 5-3-401 Definitions - home solicitation sale
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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 d…
Colo. Rev. Stat. § 5-3-402 Buyer's right to cancel
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(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 pur…
Colo. Rev. Stat. § 5-3-403 Form of agreement or offer - statement of buyer's rights
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(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 transac…
Colo. Rev. Stat. § 5-3-404 Restoration of down payment
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(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 provi…
Colo. Rev. Stat. § 5-3-405 Duty of buyer - no compensation for services prior to cancellation
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(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 cance…
Colo. Rev. Stat. § 5-3-501 Scope
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The provisions of this part 5 apply to consumer insurance premium loans. Source: L. 2000: Entire article R&RE, p. 1224, � 1, effective July 1. Editor's note: This section is similar to former � 5-7-101, as it existed prior to 2000.
Colo. Rev. Stat. § 5-3-502 Form of insurance premium loan agreement
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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 o…
Colo. Rev. Stat. § 5-3-503 Notice of cancellation
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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 wri…