Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
Colo. Rev. Stat. § 5-1-101 Short title
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Articles 1 to 9 of this title shall be known and may be cited as the Uniform Consumer Credit Code, referred to in said articles as the code. Source: L. 2000: Entire article R&RE, p. 1178, � 1, effective July 1. Editor's note: This section is similar to former � 5-1-101, as it exi…
Colo. Rev. Stat. § 5-1-102 Purposes - rules of construction
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(1) This code shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this code are: (a) To simplify, clarify, and modernize the law governing retail installment sales, consumer credit, small loans, and…
Colo. Rev. Stat. § 5-1-103 Supplementary general principles of law applicable
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Unless displaced by the particular provisions of this code, the Uniform Commercial Code and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or oth…
Colo. Rev. Stat. § 5-1-104 Construction against implicit repeal
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This code being a general act intended as a unified coverage of its subject matter, no part of it is deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. Source: L. 2000: Entire article R&RE, p. 1179, � 1 effective July 1. Edit…
Colo. Rev. Stat. § 5-1-105 Severability clause
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If any provision of this code or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this code which can be given effect without the invalid provision or application, and to this end the prov…
Colo. Rev. Stat. § 5-1-106 Waiver - agreement to forego rights - settlement of claims
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(1) Except as otherwise provided in this code, a consumer may not waive or agree to forego rights or benefits under this code. (2) A claim by a consumer against a creditor for an excess charge, other violation of this code, or civil penalty, or a claim against a consumer for defa…
Colo. Rev. Stat. § 5-1-107 Effect of code on powers of organizations
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(1) This code prescribes maximum charges for all creditors extending consumer credit except lessors and those excluded in sections 5-1-202 and 5-2-213 and displaces existing limitations on the powers of those creditors based on maximum charges. (2) With respect to sellers of good…
Colo. Rev. Stat. § 5-1-201 Territorial application - definitions
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(1) Except as otherwise provided in this section, this code applies to consumer credit transactions made in this state and to modifications, including refinancing, consolidations, and deferrals, made in this state, of consumer credit transactions, wherever made. For purposes of t…
Colo. Rev. Stat. § 5-1-202 Exclusions
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(1) This code does not apply to: (a) Extensions of credit to government or governmental agencies or instrumentalities; (b) Except as otherwise provided in article 4 of this title, the sale of insurance if there is no legal obligation to pay installments of the premium and the ins…
Colo. Rev. Stat. § 5-1-203 Jurisdiction and service of process
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(1) The court of record of any judicial district in this state may exercise jurisdiction over any creditor with respect to any conduct in this state governed by this code or with respect to any claim arising from a transaction subject to this code. In addition to any other method…
Colo. Rev. Stat. § 5-1-301 General definitions
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In addition to definitions appearing in subsequent articles, as used in this code, unless the context otherwise requires: (1) Actuarial method means the method, defined by rules promulgated by the administrator in accordance with article 4 of title 24, C.R.S., of allocating payme…
Colo. Rev. Stat. § 5-1-302 Definitions - federal “Truth in Lending Act” and federal “Consumer Leasing Act”
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In this code, federal “Truth in Lending Act”, 15 U.S.C. sec. 1601 et seq., and federal “Consumer Leasing Act”, 15 U.S.C. sec. 1667 et seq., mean chapters of the “Consumer Credit Protection Act” (Public Law 90-321; 82 Stat. 146), as amended from time to time, and include regulatio…
Colo. Rev. Stat. § 5-1-303 Index of definitions in code
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Definitions in this code and the sections in which they appear are: Actuarial methodsection 5-1-301 (1) Administratorsections 5-1-301 (2) and 5-6-103 Agreementsection 5-1-301 (3) Agricultural purposesection 5-1-301 (4) Amount financedsection 5-1-301 (5) Business daysection 5-1-30…
Colo. Rev. Stat. § 5-2-101 Short title
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This article shall be known and may be cited as Uniform Consumer Credit Code - Finance Charges and Related Provisions. Source: L. 2000: Entire article R&RE, p. 1195, � 1, effective July 1. Editor's note: This section is similar to former � 5-2-101, as it existed prior to 2000.
Colo. Rev. Stat. § 5-2-102 Scope
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For purposes of this article, consumer credit transaction applies to consumer loans, including supervised loans, consumer credit sales, and refinancing and consolidations of these transactions but does not include consumer leases except for the charges and procedures in sections …
Colo. Rev. Stat. § 5-2-201 Finance charge for consumer credit transactions
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(1) With respect to a consumer loan other than a supervised loan, including a revolving loan, a lender may contract for and receive a finance charge calculated according to the actuarial method not exceeding twelve percent per year on the unpaid balance of the amount financed. (2…
Colo. Rev. Stat. § 5-2-202 Additional charges
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(1) In addition to the finance charge permitted by this article 2 and in a consumer lease, a creditor may contract for and receive the following additional charges in connection with a consumer credit transaction: (a) Official fees and taxes; (b) Charges for insurance as describe…
Colo. Rev. Stat. § 5-2-203 Delinquency charges
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(1) With respect to a consumer credit transaction, the parties may contract for a delinquency charge on any installment or minimum payment not paid in full within ten days after its scheduled due date in an amount not exceeding: (a) Fifteen dollars for a transaction not secured b…
Colo. Rev. Stat. § 5-2-204 Deferral charges - rules
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(1) With respect to a precomputed consumer credit transaction, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments, and the creditor may make and collect a charge not exceeding the rate previously stated to the …
Colo. Rev. Stat. § 5-2-205 Finance charge on refinancing
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(1) With respect to a consumer credit transaction, the creditor may by agreement with the consumer refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by …
Colo. Rev. Stat. § 5-2-206 Finance charge on consolidation
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If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments. If the previo…
Colo. Rev. Stat. § 5-2-207 Prepaid finance charge
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(1) Subject to the provisions of subsection (2) of this section, a creditor may contract for the payment by the consumer of a prepaid finance charge; except that the total finance charge contracted for and received by the creditor shall not exceed that permitted for consumer cred…
Colo. Rev. Stat. § 5-2-208 Conversion to revolving account
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The parties may agree to add to a revolving account the unpaid balance of a consumer credit transaction not made pursuant to a revolving account. The unpaid balance is an amount equal to the amount financed determined according to the provisions on refinancing contained in sectio…
Colo. Rev. Stat. § 5-2-209 Advances to perform covenants of consumer
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(1) If the agreement with respect to a consumer credit transaction contains covenants by the consumer to perform certain duties pertaining to insuring or preserving collateral, and the creditor pursuant to the agreement pays for performance of the duties on behalf of the consumer…
Colo. Rev. Stat. § 5-2-210 Right to prepay
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Subject to the provisions on rebate upon prepayment contained in section 5-2-211, the consumer may prepay in full, or in part if payment is no less than five dollars, the unpaid balance of a consumer credit transaction at any time without penalty. A payment in the amount of a sch…
Colo. Rev. Stat. § 5-2-211 Rebate upon prepayment - definitions
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(1) Except as otherwise provided in this section, upon prepayment in full of the unpaid balance of a precomputed consumer credit transaction, an amount not less than the unearned portion of the finance charge calculated according to this section shall be rebated to the consumer. …
Colo. Rev. Stat. § 5-2-212 Surcharges on credit transactions - enforcement - definitions
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(1) (a) Except as otherwise provided in sections 24-19.5-103 (3) and 29-11.5-103 (3), a seller or lessor in any sales or lease transaction may impose a surcharge on a buyer or lessee who elects to use a credit or charge card in lieu of payment by cash, check, or similar means in …
Colo. Rev. Stat. § 5-2-213 General-purpose credit cards - definitions
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(1) As used in this section: (a) General-purpose credit card means any card, plate, or other single credit device that may be used from time to time to obtain consumer credit under an open-end credit plan offered by a supervised financial organization, as defined in section 5-1-3…
Colo. Rev. Stat. § 5-2-214 Alternative charges for loans not exceeding one thousand dollars
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(1) For a consumer loan where the amount financed is not more than one thousand dollars, a supervised lender may charge, in lieu of the loan finance charges permitted by section 5-2-201, the following finance charges: (a) An acquisition charge for making the original loan or any …
Colo. Rev. Stat. § 5-2-301 Authority to make supervised loans
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(1) Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of: (a) Making supervised loans or undertaking direct collection of payme…
Colo. Rev. Stat. § 5-2-302 License to make supervised loans - consumer credit unit cash fund - rules - definition - repeal
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(1) The administrator shall receive and act on all applications for licenses to make supervised loans under this code. Applications shall be filed in the manner prescribed by the administrator and shall contain such information as the administrator may reasonably require. No lice…
Colo. Rev. Stat. § 5-2-303 Denial and discipline of license
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(1) The administrator may deny an application for a license or take disciplinary action against a person licensed to make supervised loans if the administrator finds that: (a) The applicant or licensee has violated this code or any rule or order lawfully made pursuant thereto; (b…
Colo. Rev. Stat. § 5-2-304 Records - annual reports - proof of financial responsibility
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(1) Every licensee shall maintain records in conformity with this code, rules adopted thereunder, and generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this c…
Colo. Rev. Stat. § 5-2-305 Examinations and investigations
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(1) The administrator shall examine periodically, at intervals the administrator deems appropriate, the loans, business, and records of every licensee. In addition, for the purpose of discovering violations of this code or securing information lawfully required, the administrator…
Colo. Rev. Stat. § 5-2-306 Administrative procedures - applicability
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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 code; except that section 24-4-104 (3), C.R.S., shall not apply to any such a…
Colo. Rev. Stat. § 5-2-307 Judicial review
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Any person aggrieved by any final action or order of the administrator and affected thereby is entitled to a review thereof by the court of appeals by appropriate proceedings under section 24-4-106 (11), C.R.S. Source: L. 2000: Entire article R&RE, p. 1213, � 1, effective July 1.…
Colo. Rev. Stat. § 5-2-308 Regular schedule of payments - maximum loan term
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(1) Supervised loans not made pursuant to a revolving credit account and in which the principal is three thousand dollars or less shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is…
Colo. Rev. Stat. § 5-2-309 Conduct of business other than making loans
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A supervised lender may not carry on any other business for the purpose of evasion or violation of this code nor may the supervised lender extend credit on the condition or requirement that the consumer obtain additional credit, goods, or services from the supervised lender or a …
Colo. Rev. Stat. § 5-2-310 Application of other provisions
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Except as otherwise provided, all provisions of this code applying to consumer loans apply to supervised loans. Source: L. 2000: Entire article R&RE, p. 1213, � 1, effective July 1. Editor's note: This section is similar to former � 5-3-513, as it existed prior to 2000.
Colo. Rev. Stat. § 5-2-501 Transactions subject to code by agreement of parties
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The parties to a transaction other than a consumer credit transaction may agree in a writing signed by the parties that the transaction is subject to the provisions of this code. If the parties so agree, the transaction is a consumer credit transaction for the purposes of this co…
Colo. Rev. Stat. § 5-2-502 Finance charge for other transactions
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With respect to a transaction that is specifically exempt from the rate ceilings of this code by the provisions of section 5-1-301 (15)(c), the parties may contract for the payment by the consumer of any finance charge up to a rate not to exceed an annual percentage rate of forty…
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…