Colorado Cash Advance Laws & Regulations
Colorado Revised Statute § 5-3.1-101 et seq. governs the regulations pertaining to the payday loan lending process in Colorado. As of August 2010, legislative reforms went into effect, which extended loan periods from two weeks to six months, and instituted mandatory repayment plans of six months. This extension has now made it possible for servicemen and women to borrow. The reform also capped fees across the board, creating a uniform lending process statewide. Colorado has strict laws protecting consumers from criminal charges. However, consumers are open to civil lawsuits and can be found liable for any and all attorney and arbitration fees. As of January 2012, no further legislative mandates governing the cash advance industry have been passed.
Here are some specific Colorado regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
6 months - Maximum Finance Charges and Fees
$75 Origination Fees, Monthly Fee of $7.50 per $100 borrowed or $30 max, and 45% APR - Maximum Loan Amount
$500 - Number of Rollovers
One - Outstanding Loans Allowed at Once
One - Cool-Off Period
10 Days After 6 Month Loan
- Payment Plan
6 Months - Collection Fees
Not more than total amount borrowed, plus origination, interest, and monthly maintenance for duration of loan, and one time $25 NSF fee - Presentment Limit
One - Private Right of Action
Civil - Military Protection
Military members are eligible to borrow - Penalties
NSF fees plus arbitration or attorney fees
Colorado Statutes:
Colorado Revised Statutes from the Office of Legislative Legal Services
§ 5-3.1-101
Information by City
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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