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Are these companies illegal in colorado

Date: Wed, 11/19/2008 - 09:31

Submitted by anonymous
on Wed, 11/19/2008 - 09:31

Posts: 202330 Credits: [Donate]

Total Replies: 3


CashTransfercenters.com (Northway Financial)
Stcadvance.com
Unitedcashloans.com

CashnetUSA


Hi Guest,
Here are the payday law's for Colorado. I'm not sure, but I believe the company must be licensed to lend in the state. Cashtransfercenter is illegal and I'm pretty sure United Cash loans is as well. I will check on the other company for you:
Quote:


Quote:
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


lrhall41

Submitted by dawnlango7 on Wed, 11/19/2008 - 10:07

( Posts: 1147 | Credits: )