Colorado Code
Article 3.1 - Deferred Deposit Loan Act
§ 5-3.1-105. Authorized Charges

A lender may charge a finance charge for each deferred deposit loan or payday loan that must not exceed an annual percentage rate of thirty-six percent. If the loan is prepaid prior to the maturity of the loan term, the lender shall refund to the consumer a prorated portion of the finance charge based upon the ratio of time left before maturity to the loan term. A lender may charge only those charges expressly authorized in this article in connection with a deferred deposit loan or payday loan.
Source: L. 2000: Entire article added, p. 441, § 1, effective July 1. L. 2010: Entire section amended, (HB 10-1351), ch. 267, p. 1222, § 4, effective August 11. Initiated 2018: Entire section amended, Proposition 111, L. 2019, p. 4539 , § 2, effective February 1, 2019, proclamation of the Governor issued December 19, 2018.
Cross references: For the legislative declaration in the 2010 act amending this section, see section 1 of chapter 267, Session Laws of Colorado 2010.

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Structure Colorado Code

Colorado Code

Title 5 - Consumer Credit Code

Article 3.1 - Deferred Deposit Loan Act

§ 5-3.1-101. Short Title

§ 5-3.1-101.5. Legislative Declaration

§ 5-3.1-102. Definitions

§ 5-3.1-103. Written Agreement Requirements

§ 5-3.1-104. Notice to Consumers

§ 5-3.1-105. Authorized Charges