Payday loan laws in Colorado
- Status: Legal (Colo. Rev. Stat. 5-3.1-101 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Minimum 6 months
- Fees and finance charges: 20%: $0-$300 + 7.5%: $301-$500 plus 45% on yearly interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
- Finance charge on a 14-day $100 loan: NA
- APR on 14-day $100 loan: NA
Collection restrictions:
- Collection fees: $25 NSF fee; court fees; attorney's fees (should not exceed the loan amount)
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: No limit if total debt remains within $500 and 30-days between loans
- Rollovers allowed: One renewal allowed at 45% rate
Complaint cell:
- Regulator: Office of the Attorney General of Colorado and Department of Law
- Address: 1525 Sherman St.; Denver, Colorado 80203
- Phone: 303-866-4500
- Consumer hotline: 303-866-5691
- Website:http://www.coloradoattorneygeneral.gov/
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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