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Sales Finance Notification - Frequently Asked Questions

Please review the below Frequently Asked Questions regarding the filing of notification as a Sales Finance company.
 
If you still have questions after reviewing the FAQs as well as the Colorado Uniform Consumer Credit Code, please email us at uccc@coag.gov.  As our office is prohibited from providing advice or interpretation of laws and rules, you may also wish to seek legal counsel to ensure compliance.

What is a Registered Agent?

A registered agent is the individual or business responsible for accepting service of process for an entity. Please visit the Colorado Secretary of State's Business FAQs for further information.


Why does the notification form ask for Registered Agent information?

Per UCCC Section 5-6-202(1)(f), the address of the retail seller's registered agent in Colorado is required as part of the annual notification filing. Please visit the Colorado Secretary of State's website to review the documents filed for your company as well as ensure your company is properly registered with the Colorado Secretary of State.


What is a Supervised Loan?

A supervised loan is a consumer loan in which the rate of the finance charge exceeds 12% per year.  If your company makes, services, or takes assignment of supervised loans, you will need to apply and obtain a Supervised Lender's License.  The application and supporting materials are available here.

Please see UCCC Sections 5-1-301(46) and 5-2-301 for further information.


How do I calculate volume fees?

The volume fee for 2018 is $5 for each $100,000, or part thereof, of the unpaid balance of consumer credit sales or leases at the time of assignment in calendar year 2017.  In order to avoid the miscalculation of volume fees, ensure that any part of $100,000 is rounded up.

Example: $1,500,370 total volume in 2017. (Round up to nearest $100,000 = $1,600,000)

                       $1,600,000 / $100,000 = 16 x $5 volume fee = $80 in total volume fees.


How do I calculate late fees?

New Filers - a complete notification and fee payment are due within 30 days of commencing business in Colorado.  

If the completed notification form and payment are not received within the first 30 days, a late fee of $5.00 per calendar day is imposed starting the 31st day of business until the notification form and fees due are received.

Existing Filers - a complete notification and fee payment are due January 31st of each year.  

If the completed notification form and payment are not received by March 1st, a late fee of $5.00 per calendar day is imposed from February 1st until the notification form and fees due are received.

*If you've failed to submit notification forms for previous years in which you were engaged in credit sales, you can find the forms for the last four years here.  You must submit all forms and fees owed before you will be considered an active Sales Finance notification filer and appear on the Active Sales Finance Notification Filers list (updated every 2 weeks and posted on our website).


What happens if I don't complete all applicable forms and pay all fees due?

If you are required to file notification and pay the associated fees and fail to do so, consumers have no legal obligation to pay any of the finance charges due under the credit transactions.

Until all notification forms and fees have been properly submitted, you will not be considered an active Sales Finance notification filer and appear on the Active Sales Finance Notification Filers list (updated every 2 weeks and posted on our website).

You will be referred to the Administrator of the Colorado Uniform Consumer Credit Code for further action.


How do I confirm that a Retail Sales company is currently filing UCCC Notification?

Our office posts a list of Active Retail Sales Notification Filers to our website, which is updated every two weeks.  Please note that only the primary location is listed for each entity.

UCCC

Active Notification Filers


Laws & Rules


Contact Us

Colorado Department of Law
Consumer Protection Section, UCCC
Ralph L. Carr Colorado Judicial Center
1300 Broadway, 6th Floor
Denver, CO  80203

uccc@coag.gov