Colorado § 5-3.1-103 Written agreement requirements

Colorado Statutes

§ 5-3.1-103 — Written agreement requirements

Colorado § 5-3.1-103

Title 05Consumer

Art.Deferred Deposit Loan Act

This text of Colorado § 5-3.1-103 (Written agreement requirements) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 5-3.1-103 (2026).

Text

Each deferred deposit loan
transaction and renewal shall be documented by a written agreement signed by
both the lender and consumer. The written agreement shall contain the name of the
consumer; the transaction date; the amount of the instrument; the annual
percentage rate charged; a statement of the total amount of finance charges
charged, expressed both as a dollar amount and an annual percentage rate; and the
name, address, and telephone number of any agent or arranger involved in the
transaction. In addition, the written agreement shall include all disclosures required
by section 5-3-101 (2). The written agreement shall set a date upon which the
instrument may be deposited or negotiated. There shall be no maximum loan term
or minimum finance charge. The minimum loan term sha

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Each deferred deposit loan
transaction and renewal shall be documented by a written agreement signed by
both the lender and consumer. The written agreement shall contain the name of the
consumer; the transaction date; the amount of the instrument; the annual
percentage rate charged; a statement of the total amount of finance charges
charged, expressed both as a dollar amount and an annual percentage rate; and the
name, address, and telephone number of any agent or arranger involved in the
transaction. In addition, the written agreement shall include all disclosures required
by section 5-3-101 (2). The written agreement shall set a date upon which the
instrument may be deposited or negotiated. There shall be no maximum loan term
or minimum finance charge. The minimum loan term shall be six months from the
loan transaction date. The lender shall accept prepayment from a consumer prior to
the loan due date and shall not charge the consumer a penalty if the consumer opts
to prepay the loan. A lender may hold an instrument and delay completion of the
transaction beyond the loan due date without any additional written agreement or
new disclosure, but the lender may not charge any additional fees for holding the
instrument or delaying the completion of the transaction.

Legislative History

Source: L. 2000: Entire article added, p. 440, � 1, effective July 1. L. 2001: Entire section amended, p. 29, � 7, effective March 9. L. 2003: Entire section amended, p. 1893, � 6, effective July 1. L. 2004: Entire section amended, p. 317, � 2, effective July 1. L. 2010: Entire section amended, (HB 10-1351), ch. 267, p. 1222, � 3, effective August 11.