Colo. Rev. Stat. § 5-1-101
Short title
Articles 1 to 9 of this title shall be known and may be cited as the "Uniform Consumer Credit Code", referred to in said articles as the "code".
Colorado Revised Statutes Title 5 — Consumer Credit Code
Colorado · statute · Colo. Rev. Stat. tit. 5 · 408 active provisions
Colo. Rev. Stat. § 5-1-102
Purposes - rules of construction
(1) This code shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this code are: (a) To simplify, clarify, and modernize the law governing retail installment sales, consumer credit, small loans, and usury; (b) To provide rate ceilings to…
Colo. Rev. Stat. § 5-1-103
Supplementary general principles of law applicable
Unless displaced by the particular provisions of this code, the "Uniform Commercial Code" and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause, s…
Colo. Rev. Stat. § 5-1-104
Construction against implicit repeal
This code being a general act intended as a unified coverage of its subject matter, no part of it is deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
Colo. Rev. Stat. § 5-1-105
Severability clause
If any provision of this code or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this code which can be given effect without the invalid provision or application, and to this end the provisions of this code are declared to be s…
Colo. Rev. Stat. § 5-1-106
Waiver - agreement to forego rights - settlement of claims
(1) Except as otherwise provided in this code, a consumer may not waive or agree to forego rights or benefits under this code. (2) A claim by a consumer against a creditor for an excess charge, other violation of this code, or civil penalty, or a claim against a consumer for default or breach of a duty imposed by this…
Colo. Rev. Stat. § 5-1-107
Effect of code on powers of organizations
(1) This code prescribes maximum charges for all creditors extending consumer credit except lessors and those excluded in sections 5-1-202 and 5-2-213 and displaces existing limitations on the powers of those creditors based on maximum charges. (2) With respect to sellers of goods or services, small loan companies, lic…
Colo. Rev. Stat. § 5-1-201
Territorial application - definitions
(1) Except as otherwise provided in this section, this code applies to consumer credit transactions made in this state and to modifications, including refinancing, consolidations, and deferrals, made in this state, of consumer credit transactions, wherever made. For purposes of this code, a consumer credit transaction…
Colo. Rev. Stat. § 5-1-202
Exclusions
(1) This code does not apply to: (a) Extensions of credit to government or governmental agencies or instrumentalities; (b) Except as otherwise provided in article 4 of this title, the sale of insurance if there is no legal obligation to pay installments of the premium and the insurance may terminate or be canceled afte…
Colo. Rev. Stat. § 5-1-203
Jurisdiction and service of process
(1) The court of record of any judicial district in this state may exercise jurisdiction over any creditor with respect to any conduct in this state governed by this code or with respect to any claim arising from a transaction subject to this code. In addition to any other method provided by the Colorado rules of civil…
Colo. Rev. Stat. § 5-1-301
General definitions
In addition to definitions appearing in subsequent articles, as used in this code, unless the context otherwise requires: (1) "Actuarial method" means the method, defined by rules promulgated by the administrator in accordance with article 4 of title 24, C.R.S., of allocating payments made on a debt between the amount…
Colo. Rev. Stat. § 5-1-302
Definitions - federal "Truth in Lending Act" and federal "Consumer Leasing Act"
In this code, federal "Truth in Lending Act", 15 U.S.C. sec. 1601 et seq., and federal "Consumer Leasing Act", 15 U.S.C. sec. 1667 et seq., mean chapters of the "Consumer Credit Protection Act" (Public Law 90-321; 82 Stat. 146), as amended from time to time, and include regulations issued pursuant to those acts.
Colo. Rev. Stat. § 5-1-303
Index of definitions in code
Definitions in this code and the sections in which they appear are: "Actuarial method" section 5-1-301 (1) "Administrator" sections 5-1-301 (2) and 5-6-103 "Agreement" section 5-1-301 (3) "Agricultural purpose" section 5-1-301 (4) "Amount financed" section 5-1-301 (5) "Business day" section 5-1-301 (6) "Cash price" sec…
Colo. Rev. Stat. § 5-2-101
Short title
This article shall be known and may be cited as "Uniform Consumer Credit Code - Finance Charges and Related Provisions".
Colo. Rev. Stat. § 5-2-102
Scope
For purposes of this article, "consumer credit transaction" applies to consumer loans, including supervised loans, consumer credit sales, and refinancing and consolidations of these transactions but does not include consumer leases except for the charges and procedures in sections 5-2-202 and 5-2-203. The provisions co…
Colo. Rev. Stat. § 5-2-201
Finance charge for consumer credit transactions
(1) With respect to a consumer loan other than a supervised loan, including a revolving loan, a lender may contract for and receive a finance charge calculated according to the actuarial method not exceeding twelve percent per year on the unpaid balance of the amount financed. (2) With respect to a supervised loan or a…
Colo. Rev. Stat. § 5-2-202
Additional charges
(1) In addition to the finance charge permitted by this article 2 and in a consumer lease, a creditor may contract for and receive the following additional charges in connection with a consumer credit transaction: (a) Official fees and taxes; (b) Charges for insurance as described in subsection (3) of this section; (c)…
Colo. Rev. Stat. § 5-2-203
Delinquency charges
(1) With respect to a consumer credit transaction, the parties may contract for a delinquency charge on any installment or minimum payment not paid in full within ten days after its scheduled due date in an amount not exceeding: (a) Fifteen dollars for a transaction not secured by an interest in land; except that, if t…
Colo. Rev. Stat. § 5-2-204
Deferral charges - rules
(1) With respect to a precomputed consumer credit transaction, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments, and the creditor may make and collect a charge not exceeding the rate previously stated to the consumer pursuant to the provisions on d…
Colo. Rev. Stat. § 5-2-205
Finance charge on refinancing
(1) With respect to a consumer credit transaction, the creditor may by agreement with the consumer refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charges. For t…
Colo. Rev. Stat. § 5-2-206
Finance charge on consolidation
If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer credit transaction was not p…
Colo. Rev. Stat. § 5-2-207
Prepaid finance charge
(1) Subject to the provisions of subsection (2) of this section, a creditor may contract for the payment by the consumer of a prepaid finance charge; except that the total finance charge contracted for and received by the creditor shall not exceed that permitted for consumer credit transactions. (2) With respect to a r…
Colo. Rev. Stat. § 5-2-208
Conversion to revolving account
The parties may agree to add to a revolving account the unpaid balance of a consumer credit transaction not made pursuant to a revolving account. The unpaid balance is an amount equal to the amount financed determined according to the provisions on refinancing contained in section 5-2-205.
Colo. Rev. Stat. § 5-2-209
Advances to perform covenants of consumer
(1) If the agreement with respect to a consumer credit transaction contains covenants by the consumer to perform certain duties pertaining to insuring or preserving collateral, and the creditor pursuant to the agreement pays for performance of the duties on behalf of the consumer, the creditor may add the amounts paid…
Colo. Rev. Stat. § 5-2-210
Right to prepay
Subject to the provisions on rebate upon prepayment contained in section 5-2-211, the consumer may prepay in full, or in part if payment is no less than five dollars, the unpaid balance of a consumer credit transaction at any time without penalty. A payment in the amount of a scheduled installment, other than the last…
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