2016 Colorado Revised Statutes
Title 5 - Consumer Credit Code
Consumer Credit Code
Article 3.1 - Deferred Deposit Loan Act
§ 5-3.1-106. Maximum loan amount - right to rescind
(1) A lender shall not lend an amount greater than five hundred dollars nor shall the amount financed exceed five hundred dollars by any one lender at any time to a consumer. Nothing in this subsection (1) shall preclude a lender from making more than one loan to a consumer so long as the total amount financed does not exceed five hundred dollars at any one time and there is at least a thirty-day waiting period between loans.
(2) A consumer shall have the right to rescind the deferred deposit loan on or before 5 p.m. the next business day following the loan transaction.
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