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The measure will prevent banks chartered elsewhere from charging interest rates above Colorado's 36% rate cap. If additional states take the same approach, it could hamper the business model for high-cost consumer lenders that partner with banks.
Earlier this month, the Colorado legislature voted to approve HB23-1229, which would opt the State out of Section 521 of the Depository Institutions Deregulation and Monetary Control...
In March, the Colorado legislature proposed HB 23-1229, which would, among other things, opt the state out of Sections 521 to 523 of the Depository Institutions Deregulation...
Colorado Approves HB23-1229 DIDMCA Opt-Out, if enacted could require out of state banks and credit unions to follow CO’s interest rate and fee restrictions on consumer loans to Colorado residents if the loans are deemed to be made in Colorado and not rely on federal interest