A lender may pay the proceeds from a deferred deposit loan to the consumer in the form of a business instrument, money order, cash, stored value card, internet transfer, or authorized automated clearinghouse transaction. The consumer shall not be charged an additional finance charge or fee for cashing the lender's business instrument or for negotiating forms of loan proceeds other than cash.
Source: L. 2000: Entire article added, p. 442, § 1, effective July 1. L. 2004: Entire section amended, p. 318, § 5, effective July 1.
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