Colorado § 5-2-301 - Authority to make supervised loans.
Full text of Colorado Colorado Revised Statutes § 5-2-301 — Authority to make supervised loans., with citation guidance and answers to common questions.
§ 5-2-301. Authority to make supervised loans.
(1) Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of:
(a) Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans he or she has previously made; or
(b) Taking assignments of and undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, including servicing supervised loans; except that a person who is licensed by the administrator as a collection agency pursuant to article 16 of this title 5 or is licensed by the Colorado supreme court to practice law and who takes assignment of supervised loans only after such loans are in default is not required to obtain a supervised lender license to engage in the activities described in this subsection (1)(b).
Source: L. 2000: Entire article R&RE, p. 1206, § 1, effective July 1. L. 2006: (1)(b) amended, p. 530, § 1, effective April 18. L. 2017: (1)(b) amended, (HB 17-1238), ch. 260, p. 1170, § 6, effective August 9. L. 2023: IP(1) and (1)(b) amended, (SB 23-248), ch. 360, p. 2147, § 1, effective August 7.
Editor's note: This section is similar to former § 5-3-502, as it existed prior to 2000.
ANNOTATION
Law reviews. For article, "State Variations of the Uniform Consumer Credit Code: The Case for Legislative Restraint", see 48 Den. L.J. 239 (1971). For article, "Colorado Usury", see 11 Colo. Law. 2557 (1982).
Frequently Asked Questions About Colorado § 5-2-301
What does Colorado Revised Statutes § 5-2-301 cover?
Section 5-2-301 ("Authority to make supervised loans.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 5-2-301?
A common citation format is "Colorado Revised Statutes § 5-2-301" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 5-2-301 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.