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Colorado Cash Lenders
Colorado Payday Loan Laws & Legislation
Colorado Payday loan laws. Colorado Payday loan legislation. Colorado has specific payday advance laws. 20% of the first $300.00; 7.5% on any amount greater than $300. Maximum amount of a cash advance is $500. The permitted time period is a maximum of 40 days.
Rollovers are limited to one.
Legal Status: Legal
Citation:
Colo. Rev. Stat. ยง 5-3.1-101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 40 days
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: One (renewal)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney’s Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer’s account was closed before the agreed upon negotiation date)
Regulator: Colorado Office of the Attorney General
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator
Regulator Website