Notice of Stakeholder Meeting
There will be a stakeholder meeting on Thursday, October 7, 2021 at 1 PM, via Zoom to solicit feedback on rules regarding the application of the Uniform Consumer Credit Code (“UCCC”) and Colorado Student Loan Equity Act (“SLEA”) to Income Share Agreements (“ISA”), creditors making ISAs, and ISA servicers. For more information, view the Notice.
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.