Sub: #1 PDL help needed in Colorado
Replied on 08-20-2008, 11:01 AM
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Can anyone help me figure out pdl laws in Colorado and can I not do pdl settlement in Colorado?




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Sub: #2
Replied on 08-20-2008, 11:20 AM
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Hi Christy and welcome to the community. I'm going to move this to the payday loan forum so more people will see it. Then I will post your laws and hopefully someone will be able to help you make out some sense of them.





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Sub: #3
Replied on 08-20-2008, 11:24 AM
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CLICK HERE to see if any of your pdl's are licensed. Colorado State requires Internet based pdl's to be licensed in your own state to be a legal lender.

Quote:
Colorado State Information

Legal Status: Legal

Citation:
Colo. Rev. Stat. § 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)

Where to Complain, Get Information:
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



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Sub: #4 Defaulted payday loans in Colorado
Replied on 09-11-2008, 10:27 AM
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what can be done when you have defaulted on payday loans in colorado...need help to get out from under..anyone else have this issue.




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