The Colorado Uniform Consumer Credit Code (“UCCC”) is a state law that regulates the terms and conditions of consumer credit in the state of Colorado. This includes nonbank lenders, such as supervised lenders, retail sellers, finance companies, installment lenders, second mortgage companies, and rent-to-own companies.
Important Update for UCCC Licensees and Notification Filers!
Please be advised that Senate Bill 23-248 has changed the due date for renewals from January 31 to July 1 each year for retail sales, rent-to-own, and sales finance companies, as well as supervised lenders. Email communication was sent to the Licensing/Renewals contact on record with more specific information and requirements.
New Requirement for Sales Finance companies only – Annual Volume Report due March 2024!
Per section 5-6-203(3)(a), C.R.S., “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.”
Sales Finance companies – Report your volume for calendar year 2023 now via the Licensing Community portal
Start by logging into the portal.
- Under Renew, go to Annual Volume Report (please note – this requirement will only be available if you’re related to a company with an active SFN number in our system).
- Submit the figure for your 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 2023.
- Click Submit when ready to report to us. Once submitted, you will not be able to change. Please be sure to submit by March 1 to avoid late fees!
The volume fee will then be paid at the time of renewal, which will become available in April and is due by July 1.
Supervised Lender Fee due January 2024!
Pursuant to section 5-2-302(10)(a), C.R.S., “Licensees issued in 2023 expire on July 1, 2024. The Administrator may assess an additional fee in January 2024 to cover the direct and indirect costs of administering this section until renewals are due July 1, 2024.” Please review the information under Supervised Lender License Fees for more details.
Initial License – Supervised Lenders
Initial Notification – Retail Sales, Sales Finance, and Rent-to-Own
The above license and notification filings (once issued) are valid through each July 1 regardless of the date issued and must be renewed annually. See the above information for important dates for supervised lenders and notification filers.
Although a license or notification expiration date may reflect the prior 7/1, the existing license shall not expire (so long as a renewal is submitted) until the renewal application has been finally acted upon by the agency, pursuant to section 24-4-104(7), C.R.S.