Notice of Interpretive Opinion regarding GAP Refund Notices and Cancellation Fees
Please be aware that the Administrator has issued an Interpretive Opinion letter regarding GAP refund notices and GAP cancellation fees. This Interpretive Opinion, and all others are available on the General Information webpage (below).
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. It sets maximum rates and charges, requires disclosure of the cost of credit so consumers may shop for the best rates, and provides remedies for consumers on default. The UCCC does not apply to first mortgage residential acquisition and refinance loans except for its sections on disclosures of the cost of credit, certain consumer remedies, and administrative powers. Most other consumer credit transactions such as payday loans, automobile loans, second mortgages, state-issued credit cards, and signature loans are subject to the UCCC.