Notice of Income Share Agreement Stakeholder Meeting
There will be a stakeholder meeting on Thursday, November 17 at 2 pm regarding Income Share Agreement (“ISA”) and Rulemaking under the Uniform Consumer Credit Code and Student Loan Equity Act. Please review the Meeting Notice for more information. The Draft Rule and Sample Disclosure are now available! The Administrator would like any written or oral feedback on the draft rule, sample form, or any additional ISA-related topics relevant to this proposed rulemaking by close of business on Wednesday, November 23, 2022. Written comments may be submitted to CSLSA@coag.gov.
Because of potential legislation concerning GAP, the UCCC Administrator, with the approval of the Attorney General, provides Guidance pursuant to CRS § 24-31-101(1)(i)(II) and CRS § 5-6-104(1)(b) and (4) to be effective leading up to and until adjournment sine die of 2023 legislative session.
The Administrator is providing updated guidance about remote work for employees of regulated entities. The Memorandum regarding Updated remote work and COVID-19 guidance includes information about an amendment to the Colorado Uniform Consumer Credit Code as well as guidance for employees of other regulated entities working remotely.
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.