State of Colorado: Second Regular Session Sixty-Seventh General Assembly
State of Colorado: Second Regular Session Sixty-Seventh General Assembly
SENATE SPONSORSHIP
Romer, Carroll M., Foster, Keller, Morse
Bill Summary
The bill limits the charge a lender may charge a consumer for a
payday loan to 36% per year. The question of the allowable rate of
interest will be referred to the electors of Colorado at the next general
A m ended 2nd Reading
election.
A pril15, 2010
H O U SE
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1 deferred deposit loan, who arranges a deferred deposit loan for a third
2 party, or who acts as an agent for a third party, regardless of whether the
3 third party is exempt from licensing under this article or whether
4 approval, acceptance, or ratification by the third party is necessary to
5 create a legal obligation for the third party, THROUGH ANY METHOD
16 MORE THAN TEN DOLLARS FOR EACH ONE HUNDRED DOLLARS LOANED FOR
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1 loan shall exceed five hundred seventy-five TWENTY dollars.
2 SECTION 5. 5-3.1-121, Colorado Revised Statutes, is amended
3 to read:
4 5-3.1-121. Unfair or deceptive practices. (1) No person shall
5 engage in unfair or deceptive acts, practices, or advertising in connection
6 with a deferred deposit loan.
7 (2) A PERSON VIOLATES THE REQUIREMENTS OF THIS ARTICLE BY
8 ENGAGING IN ANY ACT THAT LIMITS OR RESTRICTS THE APPLICATION OF
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