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2020 Colorado Revised Statutes
Title 5 - Consumer Credit Code
Article 3.1. Deferred Deposit Loan Act
Section 5-3.1-101.5. Legislative declaration.
Universal Citation: CO Rev Stat § 5-3.1-101.5 (2020)
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.
Source: Initiated 2018: Entire section added, Proposition 111, L. 2019, p. 4539, § 1, effective February 1, 2019, proclamation of the Governor issued December 19, 2018.
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