Colorado § 5-2-301 Authority to make supervised loans

Colorado Statutes

§ 5-2-301 — Authority to make supervised loans

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

(1)Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of:

(a)Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans he or she has previously made; or

(b)Taking assignments of and undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, including servicing supervised loans; except that a person who is licensed by the administrator as a collection agency pursuant to article 16 of this title 5 or is licensed by the Colorado supreme court to practice law and who takes assignmen

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(1) Unless a person is a
supervised financial organization or has first obtained a license from the
administrator authorizing the person to make supervised loans, the person shall not
engage in the business of:

(a) Making supervised loans or undertaking direct collection of payments
from or enforcement of rights against consumers arising from supervised loans he
or she has previously made; or

(b) Taking assignments of and undertaking direct collection of payments
from or enforcement of rights against consumers arising from supervised loans,
including servicing supervised loans; except that a person who is licensed by the
administrator as a collection agency pursuant to article 16 of this title 5 or is
licensed by the Colorado supreme court to practice law and who takes assignment
of supervised loans only after such loans are in default is not required to obtain a
supervised lender license to engage in the activities described in this subsection
(1)(b).

Colorado § 5-2-301 (Authority to make supervised loans) — 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. 2006: (1)(b) amended, p. 530, � 1, effective April 18. L. 2017: (1)(b) amended, (HB 17-1238), ch. 260, p. 1170, � 6, effective August 9. L. 2023: IP(1) and (1)(b) amended, (SB 23-248), ch. 360, p. 2147, � 1, effective August 7.