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  1. 2024 Colorado Rev. Stat. (here)
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2024 Colorado Revised Statutes
Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116)
CONSUMER CREDIT CODE (§§ 5-1-101 — 5-9.3-109)
Article 3.1 - Deferred Deposit Loan Act (§§ 5-3.1-101 — 5-3.1-123)
Section 5-3.1-106 - Maximum loan amount - right to rescind

Universal Citation:
CO Rev Stat § 5-3.1-106 (2024)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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  • (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.

L. 2000: Entire article added, p. 441, § 1, effective July 1. L. 2004: (1) amended, p. 318, § 3, effective July 1. L. 2010: (1) amended, (HB 10-1351), ch. 267, p. 1223, §5, effective August 11.

For the legislative declaration in the 2010 act amending subsection (1), see section 1 of chapter 267, Session Laws of Colorado 2010.

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