Colo. Rev. Stat. § 5-3.1-104
Current through Chapter 492 of the 2024 Legislative Session
A lender shall provide the following notice in a prominent place on each loan agreement in at least ten-point type:
A DEFERRED DEPOSIT LOAN IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS.
A DEFERRED DEPOSIT LOAN SHOULD BE USED ONLY TO MEET SHORT-TERM CASH NEEDS.
RENEWING THE DEFERRED DEPOSIT LOAN RATHER THAN PAYING THE DEBT IN FULL WILL REQUIRE ADDITIONAL FINANCE CHARGES.
C.R.S. § 5-3.1-104