Statutes, codes, and regulations
Colorado Revised Statutes
Title 5 - CONSUMER CREDIT CODECONSUMER CREDIT CODE
Article 3.1 - DEFERRED DEPOSIT LOAN ACT
Section 5-3.1-101.5 - Legislative declaration

Colo. Rev. Stat. § 5-3.1-101.5

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Current through Chapter 519 of the 2024 Legislative Session and Chapter 2 of the 2024 First Extraordinary Session
Section 5-3.1-101.5 - Legislative declaration

The people of this state find and declare that payday lenders are charging up to two hundred percent annually for payday loans and that excess charges on such loans can lead Colorado families into a debt trap of repeat borrowing. It is the intent of the people to lower the maximum authorized finance charge for payday loans to an annual percentage rate of thirty-six percent.

C.R.S. § 5-3.1-101.5

Initiated 2018: Entire section added, Proposition 111, L. 2019, p. 4539, § 1, effective 2/1/2019, proclamation of the Governor issued December 19, 2018.