Legal Status

Legal, but effectively outlawed


Colo. Rev. Stat. 5-3.1-101 et seq. (2018 Ballot Measure capped APR at 36%)

Loan Terms

Maximum Loan Amount: 500

Loan Term: min. 6 months

Maximum Finance Rate and Fees: Test Max Finance Rate

Finance Charge for 14-day $100 Loan: N/A

APR for 14-day $100 Loan: N/A

Debt Limits

Maximum Number of Outstanding Loans at One Time: Institutions are required to provide a notice for multiple outstanding transactions but there is no apparent limit on number. Loans may be rescinded by 5pm of the next business day (see C.R.A. 5-3.1-107).

Rollovers Permitted: A deferred deposit loan shall not be renewed more than once. After such renewal, the consumer shall pay the debt in cash or its equivalent. If the consumer does not pay the debt, then the lender may deposit the consumer's instrument. C.R.S. 5-3.1-108(1). Renewal @ 45% interest (cite??)

Cooling-off Period: None specified. Once the consumer has completed the deferred deposit transaction, the consumer may enter into a new deferred deposit agreement with the lender. C.R.S. 5-3.1-108(3)

Collection Limits

Collection Fees: The lender may contract for and collect one returned instrument charge for each deferred deposit loan, not to exceed twenty-five dollars, plus court costs and reasonable attorney fees as awarded by a court and incurred as a result of the default. However, such attorney fees shall not exceed the loan amount. The lender shall not collect any other fees as a result of default. See C.R.A. 5-3.1-112