Colorado Consumer Protections: Colorado voters approved Proposition 111 in 2018, capping payday loan APR at 36% and requiring minimum 6-month terms. The Uniform Consumer Credit Code provides comprehensive consumer-protection context for all credit transactions. Consumers can file complaints with the Attorney General or the Division of Banking.
Interest Rate Cap: Colorado usury cap: 36% APR cap on payday loans (2018 ballot measure); 12% for consumer loans under usury statute.
Payday lending is restricted (max $500).
Key Regulations: - Proposition 111 (2018) capped payday loan APR at 36% and eliminated balloon payments.
- The Uniform Consumer Credit Code governs most consumer lending in the state.
- Payday loans limited to $500 with a minimum 6-month term.
- Supervised lenders licensed by the Division of Banking can charge rates above the usury cap.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Colorado Attorney General Consumer Protection Section.
