Colorado § 5-3-204 Restrictions on interest in land as security

Colorado Statutes

§ 5-3-204 — Restrictions on interest in land as security

Colorado·Title 05 Consumer·Art. Regulation of Agreements and Practices

(1)With respect to a consumer loan in which the amount financed is three thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.

(2)For the purposes of this section, on revolving credit accounts, the amount financed shall be determined by the limit in the amount of credit made available to or for the account of the consumer if that limit is established by an express written agreement by the lender and if the lender does not retain the right to unilaterally reduce that credit limit, except in the event of default.

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(1) With respect to a
consumer loan in which the amount financed is three thousand dollars or less, a
lender may not contract for an interest in land as security. A security interest taken
in violation of this section is void.

(2) For the purposes of this section, on revolving credit accounts, the amount
financed shall be determined by the limit in the amount of credit made available to
or for the account of the consumer if that limit is established by an express written
agreement by the lender and if the lender does not retain the right to unilaterally
reduce that credit limit, except in the event of default.

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