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Amending Terms of Consumer Lending Laws

Concerning a more inclusive calculation of the finance charge applicable to certain consumer lending transactions, and, in connection therewith, requiring a more accurate disclosure of the cost of credit for certain loans.
2024 Regular Session
Business & Economic Development
Financial Services & Commerce
Bill Summary

The bill amends the Colorado "Uniform Consumer Credit Code" (UCCC) to change the terms and interest rates a nondepository institution may charge in a consumer credit transaction.

For a consumer credit transaction in which a nondepository institution makes a supervised loan or a consumer credit sale, the bill amends the calculation of the total amount of the finance charge that the nondepository institution may contract for and receive to include the total cost of specific additional charges. The bill amends the additional charges that the nondepository institution may contract for and receive and subjects specified additional charges to rule-making by the administrator of the UCCC (administrator).

The bill removes the requirement that the rules issued by the administrator be consistent with the federal "Truth in Lending Act" and the federal "Consumer Leasing Act".

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)




Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details