The Council of Advisors on Consumer Credit will meet with the Administrator of the Uniform Consumer Credit Code on Monday, December 12, 2022 at 11 a.m. via Zoom. Please review the Meeting Notice and Agenda for more information.
A stakeholder meeting was held on November 17, 2022 regarding Income Share Agreements ("ISA") and Rulemaking under the Uniform Consumer Credit Code and Student Loan Equity Act. You may review the Meeting Notice as well as the Draft Rule and Sample Disclosure. Please keep in mind the Administrator intends to hold a rulemaking hearing following consideration of information provided by stakeholders and publication of a proposed rule.
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 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.