Colorado § 5-3.1-106 Maximum loan amount - right to rescind

Colorado Statutes

§ 5-3.1-106 — Maximum loan amount - right to rescind

Colorado § 5-3.1-106

Title 05Consumer

Art.Deferred Deposit Loan Act

This text of Colorado § 5-3.1-106 (Maximum loan amount - right to rescind) 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. § 5-3.1-106 (2026).

Text

(1)A lender shall not lend an amount greater than five hundred dollars nor shall the amount financed exceed five hundred dollars by any one lender at any time to a consumer. Nothing in this subsection (1) shall preclude a lender from making more than one loan to a consumer so long as the total amount financed does not exceed five hundred dollars at any one time and there is at least a thirty-day waiting period between loans.

(2)A consumer shall have the right to rescind the deferred deposit loan on or before 5 p.m. the next business day following the loan transaction.

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(1) A lender shall not
lend an amount greater than five hundred dollars nor shall the amount financed
exceed five hundred dollars by any one lender at any time to a consumer. Nothing in
this subsection (1) shall preclude a lender from making more than one loan to a
consumer so long as the total amount financed does not exceed five hundred
dollars at any one time and there is at least a thirty-day waiting period between
loans.

(2) A consumer shall have the right to rescind the deferred deposit loan on or
before 5 p.m. the next business day following the loan transaction.

Legislative History

Source: L. 2000: Entire article added, p. 441, � 1, effective July 1. L. 2004: (1) amended, p. 318, � 3, effective July 1. L. 2010: (1) amended, (HB 10-1351), ch. 267, p. 1223, � 5, effective August 11.