"The dollar amount of the finance charge disclosed to you for this credit transaction is based upon your payments being received by the creditor on the date payments are due. If your payments are received after the due date, even if received before the date a late fee applies, you may owe additional and substantial money at the end of the credit transaction and there may be little or no reduction of principal. This is due to the accrual of daily interest until a payment is received."
Source: L. 2000: Entire article R&RE, p. 1217, § 1, effective July 1. L. 2001: Entire section amended, p. 28, § 5, effective March 9. L. 2002: Entire section amended, p. 647, § 3, effective July 1, 2003. L. 2003: (1) amended, p. 1893, § 5, effective July 1. L. 2017: (2), (3)(a)(I), and (3)(b) amended, (HB 17-1238), ch. 260, p. 1170, § 7, effective August 9.
Editor's note: Although this section was effective July 1, 2000, section 5 of chapter 265, Session Laws of Colorado 2000, provides that the disclosures described in this section are effective January 1, 2001.
Structure Colorado Code
Title 5 - Consumer Credit Code
Article 3 - Regulation of Agreements and Practices
Part 1 - Disclosures, Notices, Records, and Advertising
§ 5-3-101. Applicability - Information Required
§ 5-3-102. Notice of Assignment
§ 5-3-103. Change in Terms of Revolving Credit Accounts
§ 5-3-104. Receipts - Statements of Account - Evidence of Payment
§ 5-3-105. Notice to Cosigners and Similar Parties
§ 5-3-106. Disclosures for Real Estate Secured Consumer Credit Transactions
§ 5-3-107. Disclosures for Consumer Credit Sale Secured by a Motor Vehicle