The people of this state find and declare that payday lenders are charging up to two hundred percent annually for payday loans and that excess charges on such loans can lead Colorado families into a debt trap of repeat borrowing. It is the intent of the people to lower the maximum authorized finance charge for payday loans to an annual percentage rate of thirty-six percent.
Source: Initiated 2018: Entire section added, Proposition 111, L. 2019, p. 4539 , § 1, effective February 1, 2019, proclamation of the Governor issued December 19, 2018.
Structure Colorado Code
Title 5 - Consumer Credit Code
Article 3.1 - Deferred Deposit Loan Act
§ 5-3.1-101.5. Legislative Declaration
§ 5-3.1-103. Written Agreement Requirements
§ 5-3.1-104. Notice to Consumers
§ 5-3.1-105. Authorized Charges
§ 5-3.1-106. Maximum Loan Amount - Right to Rescind
§ 5-3.1-107. Multiple Outstanding Transactions Notice
§ 5-3.1-108. Renewal - New Loan - Consecutive Loans - Payment Plan - Definitions
§ 5-3.1-109. Form of Loan Proceeds
§ 5-3.1-110. Endorsement of Instrument
§ 5-3.1-111. Redemption of Instrument
§ 5-3.1-112. Authorized Dishonored Instrument Charge
§ 5-3.1-113. Posting of Charges
§ 5-3.1-114. Notice on Assignment or Sale of Instruments
§ 5-3.1-115. Records and Annual Reports
§ 5-3.1-116. License Requirement
§ 5-3.1-117. Examination and Investigation
§ 5-3.1-118. Denial of License - Discipline
§ 5-3.1-119. Applicability of Other Provisions of This Title
§ 5-3.1-120. Criminal Culpability
§ 5-3.1-121. Unfair or Deceptive Practices
§ 5-3.1-122. Unconscionability
§ 5-3.1-123. Use of Multiple Agreements for Deferred Deposit Loans