Colorado Payday Loan Laws and Regulations

In order to ensure that fairness and equality exists between borrowers and lenders within the state of Colorado, the state recently changed its regulations relating to lenders and borrowers. Here are the new laws that were put in to practice:

- The maximum amount that can be loaned out is now $500.
- The minimum period of repayment is 6 months.
- As long as the debt amount is less than $500 and is spaced 30 days apart, no debt limits will be placed for simultaneous outstanding loans.
- A collection fee of $25 for Non Sufficient Funds, while the court and attorney fees must not exceed more than the loan amount.
- Loans between $0 to $300 will be charged 20%, while loans between $301 to $500 shall be charged 7.5$ with 45% for the annual interest. For every $100 that is borrowed, a fee of $7.5 will be levied monthly.
- Only one renewal is allowed, when the pending loan is at 45%.

Colorado Consumer Protection

All borrowers and lenders who are taking advantage of payday loans must acknowledge the laws and regulations that govern in the state of Colorado. In order to protect borrowers, the state law limits transactions. In order to get to grips with the laws, please review the Uniform Consumer Credit Code. If you face any difficulties, the Attorney General's Office of Colorado handles queries and complaints related to finance companies and lenders. These protective measures ensures that borrowers get maximum return from their payday loans. It is firmly recommended that customers regularly visit state websites relating to the payday loan industry in order to keep in touch with any changes. Contact can be established with the Office by several means:

Ralph L. Carr Colorado Judicial Center
1300 Broadway, 10th Floor
Denver, Colorado 80203
Phone: 720-508-6000
Fax: 720-508-6030

Interesting Facts About Colorado
  1. Colorado has the highest elevation of all of the states.
  2. More than 1/3 of the land that makes up the state is owned by the Federal government.
  3. The longest continuous street in the United States is Colfax Ave located in Denver.
  4. The road that leads to Mt. Evans from using I-70 from Idaho Springs is the highest paved road in the United States. It climbs 14,258 feet above sea level.
  5. More major rivers have their head waters start in this state than in any other state. That is what earned Colorado the nickname of mother of rivers.
  6. Has the highest mean altitude of all of the states.
  7. America the Beautiful writer, Katherine Lee Bates said she was inspired to write this song after seeing the view from Pikes Peak.
  8. When you are walking up the steps to the capitol building in Denver the thirteenth step is exactly one mile above sea level.
  9. This is the only state in history to ever turn down hosting the Olympic Games. In 1976 they were offered the opportunity to host the Winter Olympic Games, but more than 60% of the voters voted against the idea, stating the cost, pollution, and increase in population as their reason for rejecting to host the games.
  10. The largest flat topped mountain in the world is Grand Mesa.
  11. President Teddy Roosevelt was a frequent visitor to the two-block long pool that is the world’s largest hot spring. It is located in Glenwood Springs.
  12. The only place in America where four corners of four states meet is at the southwest corner of Colorado, where Arizona, Utah, and New Mexico all meet.
  13. The first stone motel to be constructed west of the Mississippi was the Aster House built in 1867 by Seth Lake.
  14. The gold rush of 1859 began when john Gregory discovered a lode of gold in a gulch near Central City. Once the word of the discovery was let out it only took two weeks for a full fledge gold rush to be under way in the area, and within two months the population around Central City had grown to nearly 10,000. This was known as the richest square mile on earth.
  15. The oldest carousel in the United States, and the only wooden merry go round in the United States to still have its original paint is the Kit Carson County Carousel. This carousel dates back to sometime around 1905.
  16. There are four Medal of Honor recipients living in Pueblo. No other city has that many living in it.
  17. There are more microbreweries per capita in Colorado than there are in any other state.
  18. The highest suspension bridge in the world is near Canon City crossing the Royal Gorge. This bridge spans across the Arkansas River at a height of 1,053 feet.
  19. The world’s largest rodeo is hosted yearly in Denver.
  20. Before 1872 the hotels in Denver did not offer locks on their doors.
  21. Car dealerships are not allowed to be open on Sunday in this state.
  22. It is illegal in this state to kiss a sleeping woman.
  23. It I illegal for a woman wearing a red dress to be on the streets of Colorado after 7 p.m.
  24. Dog catchers in this state must post notice on the nearest tree to where they caught the canine and they must leave this notice up for a minimum of three days. They must also post a notice on the nearest public roadway of the canines they took into custody.
  25. A state law mandates that cats will be fitted with tail lights if they are going to run loose on the streets.
  26. The state motto is “nothing g without Providence”.
  27. The state bird is the Lark Bunting.
  28. The state tree is the Colorado Blue Spruce.
  29. The state Nickname is the Centennial State.
  30. Tim Allen was born in Colorado.
  31. In 1894 a silver nugget weighing a full ton was discovered here.

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