4 Colo. Code Regs. § 902-1-13
Current through Register Vol. 47, No. 22, November 25, 2024
Rule 4 CCR 902-1-13 - Rebate of Prepaid Finance Charge Pursuant to section 5-2-207, C.R.S(1) For purposes of Uniform Consumer Credit Code § 5-2-207, C.R.S., if within one year after making a consumer credit transaction for which a prepaid finance charge was imposed, the creditor refinances or consolidates the transaction and chooses to impose a prepaid finance charge on the aggregate principal resulting from the refinance or consolidation [5-2-207(2)(b)], the creditor must rebate any portion of the prepaid finance charge [5-1-301(20)] imposed on the previous transaction that: (a) on a fixed rate consumer credit transaction, exceeds the disclosed annual percentage rate; or(b) on a variable or adjustable rate consumer credit transaction, exceeds the lesser of 21% per year on the unpaid balance of the principal [5-2-201 ] or the maximum annual percentage rate imposed pursuant to the written credit agreement since the inception of the consumer credit transaction.(2) With respect to a transaction subject to § 5-2-207(2), C.R.S., if a creditor imposes a prepaid finance charge and the charge is set as a fixed dollar amount rather than a percentage of the loan amount, it may only impose a new prepaid finance charge on a refinance or consolidation within a one year period if it complies with § 5-2-207(2)(b), C.R.S.Repealed effective November 1, 2000Rules 14 eff. 10/01/2008.Rule14 repealed eff. 07/30/2009.Rule 16 (1st un - numbered paragraph); eff.11/29/2010.