§ 5-6-203 — Fees - repeal

Colorado § 5-6-203

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Administration

Text

(1) (a) A person required to file notification shall,
with the first notification on or before July 1, 2024, and on or before July 1 each year
thereafter, pay to the administrator a nonrefundable annual notification fee. The
administrator may examine the loans, business, and records of such a person
without issuance of a subpoena.

(b) (I) Notifications issued by the administrator in calendar year 2023 expire
on July 1, 2024. The administrator may assess an additional notification fee in
January 2024 to cover the direct and indirect costs of administering this section
until notification renewals are due July 1, 2024.

(II) This subsection (1)(b) is repealed, effective July 1, 2026.

(2) (Deleted by amendment, L. 2009, (HB 09-1141), ch. 41, p. 158, � 5, effective
January 1, 2010.)

(3) (a) Persons required to file notification who are assignees of consumer
credit sales or consumer leases shall pay an additional nonrefundable annual
volume fee on or before July 1, 2024, and on or before July 1 each year thereafter,
for one hundred thousand dollars, or part thereof, of the unpaid balances at the
time of the assignment of obligations arising from consumer credit sales or
consumer leases made in this state and taken by assignment during the preceding
calendar year. Persons required to file notification shall report any such volume to
the administrator on or before March 1 in the form and manner determined by the
administrator. The administrator may charge a late fee for failure to report such a
volume.

(b) (I) A person that pays a volume fee in calendar year 2023 is not required
to pay a renewal of the volume fee until July 1, 2024. The administrator may assess
an additional volume fee in January 2024 to cover the direct and indirect costs of
administering this section until volume fee renewals are due on July 1, 2024.

(II) This subsection (3)(b) is repealed, effective July 1, 2026.

(4) The administrator shall impose a penalty of five dollars per day on any
person that fails to comply with this section. If a person required to file notification
and pay a notification fee fails to do so, the consumer has no obligation to pay the
finance charge due under the consumer credit transaction, and any finance charges
paid shall be refunded to the consumer. In addition, if the administrator examines
the loans, business, or records of such person, the person shall pay the reasonable
and necessary examination expenses of the administrator.

(5) Repealed.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1253, � 1, effective July 1. L. 2009: Entire section amended, (HB 09-1141), ch. 41, p. 158, � 5, effective January 1, 2010. L. 2010: (5) amended, (HB 10-1422), ch. 419, p. 2063, � 7, effective August 11. L. 2015: (5) amended, (HB 15-1261), ch. 322, p. 1312, � 2, effective June 5. L. 2023: (1), (3), and (4) amended and (5) repealed, (SB 23-248), ch. 360, p. 2149, � 5, effective August 7.