Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing him or her to make supervised loans, he or she shall not engage in the business of: Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans […]
The administrator shall receive and act on all applications for licenses to make supervised loans under this code. Applications shall be filed in the manner prescribed by the administrator and shall contain such information as the administrator may reasonably require. No license shall be issued without payment of a nonrefundable license fee. The license year […]
The administrator may deny an application for a license or take disciplinary action against a person licensed to make supervised loans if the administrator finds that: The applicant or licensee has violated this code or any rule or order lawfully made pursuant thereto; Facts or conditions exist that would clearly have justified the administrator in […]
Every licensee shall maintain records in conformity with this code, rules adopted thereunder, and generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this code. The record-keeping system of a licensee shall be sufficient if the licensee makes the […]
The administrator shall examine periodically, at intervals the administrator deems appropriate, the loans, business, and records of every licensee. In addition, for the purpose of discovering violations of this code or securing information lawfully required, the administrator or, in lieu thereof, the official or agency to whose supervision the organization is subject pursuant to section […]
Except as otherwise provided, the provisions of sections 24-4-102 to 24-4-106, C.R.S., apply to and govern all rules promulgated and all administrative action taken by the administrator pursuant to this code; except that section 24-4-104 (3), C.R.S., shall not apply to any such action. Source: L. 2000: Entire article R&RE, p. 1213, § 1, effective […]
Any person aggrieved by any final action or order of the administrator and affected thereby is entitled to a review thereof by the court of appeals by appropriate proceedings under section 24-4-106 (11), C.R.S. Source: L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1. Editor’s note: This section is similar to former […]
Supervised loans not made pursuant to a revolving credit account and in which the principal is three thousand dollars or less shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor […]
A supervised lender may not carry on any other business for the purpose of evasion or violation of this code nor may the supervised lender extend credit on the condition or requirement that the consumer obtain additional credit, goods, or services from the supervised lender or a person related to the supervised lender unless otherwise […]
Except as otherwise provided, all provisions of this code applying to consumer loans apply to supervised loans. Source: L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1. Editor’s note: This section is similar to former § 5-3-513, as it existed prior to 2000.
