The 2010 law banned payday loans of less than six months.
Allows borrowers to pay off their loans at any point within the six-month term without owing a penalty.
A borrower who takes out a $300 loan and pays it off in 30 days owes a total of $21.75, which translates to an 86% APR. If the borrower waits 180 days to pay off the loan, he owes $240, or a 162% APR.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to How to Start a Payday Loan Busines
Colorado State Information
Legal Status: Legal
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator