Colorado House Bill 23-1229 (the Bill) was signed into law on June 5, 2023. As part of the Bill, Colorado opted out of the federal interest exportation right granted to federally.
Colorado opts out of a federal banking law that allows payday lenders to bypass state safeguards. These lenders’ rent-a-bank schemes allow them to charge interest rates of 225% or more.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry.
As anticipated, on June 5, 2023, Colorado Governor Jared Polis signed into law Colorado HB23-1229, which will exclude consumer loans made in Colorado from the provisions of Section 521.