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.
A list of current supervised lender licenses, as well as retail sales, sales finance, and rent-to-own companies is available on the UCCC website. Below is a list of consumer advisories regarding credit and lending related issues.
Consumer Advisory regarding Credit Card Surcharges
Colorado’s credit card surcharge law is changing on July 1, 2022. The changes will allow merchants to add amounts to sales and lease transactions whether the consumer uses a credit or charge card. For more information, view this Consumer Alert regarding Credit Card Surcharges or Alerta al Consumidor sobre los Recargos en las Tarjetas de Crédito.
Consumer Advisory regarding Tribal Lending
Colorado consumers should be cautious when seeking loans from companies seen advertised on TV or online. These companies may be owned or affiliated with federally recognized Indian Tribes, which are not licensed or regulated by the Department. While some of these advertisements or websites do include notice of Tribal affiliation, this is not always the case.
Colorado has found instances in which these companies have charged significantly more than the legal interest rate in Colorado and executed wage garnishments without a court order. For a list of lenders licensed and regulated by the Department’s Consumer Credit Unit, use the link to the right Licensed Supervised Lenders & Disciplinary History.
Colorado Employers: Garnishing an employee’s wages for a debt from a consumer credit transaction is prohibited in the absence of a court order.
Employers who receive a creditor’s request to garnish one of their employees’ wages for debt from a consumer credit transaction should expect that request to be accompanied by a court order authorizing the requested garnishment and be served with the required accompanying forms related to exempt earnings. For more information about wage garnishment and the required accompanying forms related to exempt earnings, visit the Colorado Judicial Branch website. Under Colorado law, garnishing an employee’s wages for debt from a consumer credit transaction is expressly prohibited unless judgment has been entered by a court, C.R.S. section 5-5-105.
Employers who receive garnishment requests from creditors for debt from a consumer credit transaction that are not served along with a court order may contact the Colorado Department of Law at uccc@coag.gov.
If you wish to file a complaint, please use the button in the upper, right-hand side of this webpage or the File a Complaint button at the top of the COAG website.