§ 5-3.1-102 — Definitions

Colorado § 5-3.1-102

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Deferred Deposit Loan Act

Text

As used in this article, unless the context otherwise
requires:

(1) Administrator means the administrator of the Uniform Consumer Credit
Code.

(1.5) Annual percentage rate means an annual percentage rate as
determined pursuant to section 107 of the federal Truth in Lending Act, 15 U.S.C.
sec. 1601 et seq. All finance charges shall be included in the calculation of the
annual percentage rate.

(2) Consumer means a person other than an organization who is the buyer,
lessee, or debtor to whom credit is granted in a consumer credit transaction.

(2.5) Default means a consumer's failure to repay a deferred deposit loan
in compliance with the terms contained in a deferred deposit loan agreement.

(3) Deferred deposit loan or payday loan means a consumer loan
whereby the lender, for a fee, finance charge, or other consideration, does the
following:

(a) Accepts a dated instrument from the consumer as sole security for the
loan and no other collateral;

(b) Agrees to hold the instrument for a period of time prior to negotiation or
deposit of the instrument; and

(c) Pays to the consumer, credits to the consumer's account, or pays to
another person on the consumer's behalf the amount of the instrument, less finance
charges permitted by section 5-3.1-105.

(4) Instrument means a personal check or authorization to transfer or
withdraw funds from an account signed by the consumer and made payable to a
person subject to this article.

(5) (a) Lender means any person who offers or makes a deferred deposit
loan, who arranges a deferred deposit loan for a third party, or who acts as an agent
for a third party, regardless of whether the third party is exempt from licensing
under this article or whether approval, acceptance, or ratification by the third party
is necessary to create a legal obligation for the third party, through any method
including mail, telephone, internet, or any electronic means.

(b) Lender includes, but is not limited to, a supervised financial organization
as defined in section 5-1-301 (45).

(c) Notwithstanding that a bank, saving and loan association, credit union, or
supervised lender may be exempted by federal law from this code's interest rate,
finance charges, and licensure provisions, all other applicable provisions of this
code apply to both a deferred deposit loan and a deferred deposit lender.

(6) Loan amount means the amount financed as defined in regulation z of
the federal Truth in Lending Act, 12 CFR 226.18 (b), as amended, or as
supplemented by this code, articles 1 to 9 of this title.

Legislative History

Source: L. 2000: Entire article added, p. 439, � 1, effective July 1. L. 2001: (5)(b) amended, p. 29, � 6, effective March 9. L. 2004: (2.5) added and (3) (a) amended, p. 317, � 1, effective July 1. L. 2010: (1.5) added and IP(3) and (5)(a) amended, (HB 10-1351), ch. 267, p. 1221, � 2, effective August 11.