Colorado § 5-3-208 - Balloon payments.
Full text of Colorado Colorado Revised Statutes § 5-3-208 — Balloon payments., with citation guidance and answers to common questions.
§ 5-3-208. Balloon payments.
With respect to a consumer credit transaction other than one pursuant to a revolving credit account, if any scheduled payment is more than twice as large as the average of all other regularly scheduled payments, the consumer has the right to refinance the amount of that payment at the time it is due at the creditor's prevailing rates for such type of transaction if the consumer meets the creditor's normal credit standards and if the creditor is, at that time, in the business of making such transactions. The creditor shall disclose this right in writing to the consumer at the time the transaction is entered into. These provisions do not apply to the extent that the payment schedule is adjusted to the seasonal or irregular income of the consumer. This section shall not apply to a transaction of a class defined by rule of the administrator promulgated in accordance with article 4 of title 24, C.R.S., as not requiring for the protection of the consumer his or her right to refinance as provided in this section.
Source: L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1.
Editor's note: This section is similar to former §§ 5-2-405 and 5-3-402, as they 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).
Frequently Asked Questions About Colorado § 5-3-208
What does Colorado Revised Statutes § 5-3-208 cover?
Section 5-3-208 ("Balloon payments.") 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 § 5-3-208?
A common citation format is "Colorado Revised Statutes § 5-3-208" (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 § 5-3-208 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.