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. :)
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: #1 posted on Wed, 08/20/2008 - 11:20
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )
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
Sub: #2 posted on Wed, 08/20/2008 - 11:24
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )
Sub: #3 posted on Thu, 09/11/2008 - 10:27
(Posts: 1 | Credits: )