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 protections 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.