Colorado § 5-2-213 General-purpose credit cards - definitions

Colorado Statutes

§ 5-2-213 — General-purpose credit cards - definitions

Colorado·Title 05 Consumer·Art. Finance Charges and Related Provisions

(1)As used in this section:

(a)General-purpose credit card means any card, plate, or other single credit device that may be used from time to time to obtain consumer credit under an open-end credit plan offered by a supervised financial organization, as defined in section 5-1-301 (45), that:

(I)Is accepted by any merchant that participates in a widely accepted payment card network and is accepted upon presentation at multiple, unaffiliated merchants for goods or services;

(II)Does not charge fees, including pre-account opening fees, which exceed fifteen percent of the credit line; and

(III)Does not include an overdraft line of credit that is accessed by a debit or prepaid card or an account number.

(b)Open-end credit plan means consumer credit extended by a creditor und

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(1) As used in this
section:

(a) General-purpose credit card means any card, plate, or other single
credit device that may be used from time to time to obtain consumer credit under
an open-end credit plan offered by a supervised financial organization, as defined in
section 5-1-301 (45), that:

(I) Is accepted by any merchant that participates in a widely accepted
payment card network and is accepted upon presentation at multiple, unaffiliated
merchants for goods or services;

(II) Does not charge fees, including pre-account opening fees, which exceed
fifteen percent of the credit line; and

(III) Does not include an overdraft line of credit that is accessed by a debit or
prepaid card or an account number.

(b) Open-end credit plan means consumer credit extended by a creditor
under a plan in which:

(I) The creditor reasonably contemplates repeated transactions;

(II) The creditor may impose a finance charge from time to time on an
outstanding unpaid balance; and

(III) The amount of credit that may be extended to the consumer during the
term of the plan, up to any limit set by the creditor, is generally made available to
the extent that any outstanding balance is repaid.

(2) Limitations in state law on finance charges and fees applicable to
consumer credit transactions in sections 5-2-201, 5-2-202, and 5-2-203 shall not
apply to general-purpose credit cards.

Colorado § 5-2-213 (General-purpose credit cards - definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1206, � 1, effective July 1. L. 2013: (1) amended, (SB 13-154), ch. 282, p. 1468, � 20, effective July 1. L. 2023: Entire section R+RE, (HB 23-1229), ch. 375, p. 2242, � 1, effective July 1, 2024.