Regulator Details

Colorado Office of the Attorney General

Uniform Consumer Credit Code
1525 Sherman St., 5th Fl.
Denver, CO 80203
Phone: (303) 866-4494
Contact: Laura Udis, Administrator

Colorado Payday Loan Laws

Colorado Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Colorado payday loan laws contact the Colorado Office of the Attorney General.

Payday loans are legal in Colorado (see Colorado Payday Loans or Colorado Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
Term Limitations Min: 6 Months
General Loan Terms

In Colorado, one renewal at 45% interest rollover is permitted. Nothing is mentioned about cooling periods between loans. Colorado has no requirements for extended repayment plans.

For example, in Colorado the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees Not applicable
APR Not applicable
Sample Loan Terms

Colorado also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount
Criminal Action Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)
Regulations on Collections
Finally, a more detailed excerpt from Colorado's statutes on finance charges is listed below. In general the tables above summarize this.

A lender may charge a finance charge for each deferred deposit loan or payday loan that may not exceed 20 percent of the first $300 loaned plus seven and one-half percent of any amount loaned in excess of $300. Such charge shall be deemed fully earned as of the date of the transaction. The lender may also charge an interest rate of 45 percent per annum for each deferred deposit loan or payday loan. If the loan is prepaid prior to the maturity of the loan term, the lender shall refund to the consumer a prorated portion of the annual percentage rate based upon the ratio of time left before maturity to the loan term. In addition, the lender may charge a monthly maintenance fee for each outstanding deferred deposit loan, not to exceed $7.50 per $100 loaned, up to $30 per month. The monthly maintenance fee may be charged for each month the loan is outstanding 30 days after the date of the original loan transaction. The lender shall charge only those charges authorized in this article in connection with a deferred deposit loan. Upon renewal of a deferred deposit loan, the lender may assess an additional finance charge not to exceed an annual percentage rate of 45 percent.

Citation: Colo. Rev. Stat. 5-3.1-101 et seq.