Notice of Rulemaking Hearing
There will be a Rulemaking hearing on Friday, August 25 at 9 am regarding a relatively new financial product called an Income Share Agreement (“ISA”). Please review the Rulemaking Notice for information on how to attend or join the Rulemaking hearing. You may also refer to the Draft Rule, Statement of Basis and Purpose, and Sample Disclosure.
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.