Colorado § 5-3.1-118 Denial of license - discipline

Colorado Statutes

§ 5-3.1-118 — Denial of license - discipline

Colorado § 5-3.1-118

Title 05Consumer

Art.Deferred Deposit Loan Act

This text of Colorado § 5-3.1-118 (Denial of license - discipline) 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. § 5-3.1-118 (2026).

Text

(1)The administrator may deny a license or discipline a lender in accordance with sections 5-2-302, 5-2-303, and 5-2-306.

(2)(a) If the administrator finds that a lender has violated the code, articles 1 to 9 of this title, the administrator shall notify the lender in writing of such violations and the actions the lender must take to cure the violations. The administrator shall allow the lender thirty days after the postmark date of the notice, or the date of delivery if not mailed, to cure the violations before taking disciplinary action in accordance with subsection (1) of this section. If the administrator determines that such lender has performed such actions contained in such notice, the lender shall not be liable for the violations that have been cured.

(b)This subsectio

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(1) The administrator may deny a
license or discipline a lender in accordance with sections 5-2-302, 5-2-303, and 5-2-306.

(2) (a) If the administrator finds that a lender has violated the code, articles 1
to 9 of this title, the administrator shall notify the lender in writing of such
violations and the actions the lender must take to cure the violations. The
administrator shall allow the lender thirty days after the postmark date of the
notice, or the date of delivery if not mailed, to cure the violations before taking
disciplinary action in accordance with subsection (1) of this section. If the
administrator determines that such lender has performed such actions contained in
such notice, the lender shall not be liable for the violations that have been cured.

(b) This subsection (2) shall not apply if the lender violated the code, articles
1 to 9 of this title, in a repeated or willful manner.

(c) If an alleged violation of the code, articles 1 to 9 of this title, is the result
of a bona fide clerical oversight or computer-based error and not the product of the
lender's established lending practices, and the alleged violation can be corrected
without material change to the terms and conditions of a consumer's loan, the
lender shall have thirty days after the postmark date of the notice, or the date of
delivery if not mailed, to cure the alleged violation without incurring any fine or
penalty or any required refund of any finance charges associated with the alleged
violation. Nothing in this subsection (2) shall exempt a lender from making required
refunds if the violation resulted in an overcharge or excess charge to the consumer.

(3) A lender shall have ninety days to comply with any rule, interpretation, or
opinion of the administrator that requires a lender to implement new policies or
procedures that involve the reprinting of the lender's forms to include new
disclosures, or that requires the lender to revise existing computer programs or add
new computer programs to comply with the rule, interpretation, or opinion. During
the ninety-day period, the administrator shall not deem the lender to be in violation
of articles 1 to 9 of this title for noncompliance with the new rule, interpretation, or
opinion.

Legislative History

Source: L. 2000: Entire article added, p. 443, � 1, effective July 1. L. 2001: (1) amended, p. 30, � 13, effective March 9. L. 2004: (2) amended and (3) added, p. 319, � 7, effective July 1.