Colorado State Information
Legal Status: Legal (Lower Cost)
Colo. Rev. Stat. 5-3.1-101 et seq.
Maximum Loan Amount: $500
Loan Term: Min: 6 Months
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
Finance Charge for 14-day $100 loan: Not applicable
APR for 14-day $100 loan: Not applicable
Maximum Number of Outstanding Loans at One Time: No limit if total debt does not exceed $500 and 30-days between loans
Rollovers Permitted: One renewal at 45% interest allowed.
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: 1300 Broadway, 10th Floor, Denver, CO 80203