Colorado § 5-3-503 - Notice of cancellation.
Full text of Colorado Colorado Revised Statutes § 5-3-503 — Notice of cancellation., with citation guidance and answers to common questions.
§ 5-3-503. Notice of cancellation.
If a default exists on a consumer insurance premium loan and any right to cure that exists has expired without cure being effected, the lender may give notice of cancellation of each insurance policy or contract to be canceled. If given, the notice of cancellation shall be in writing and given to the insurer who issued the policy or contract and to the insured. The insurer, within two business days after receipt of the notice of cancellation together with a copy of the insurance premium loan agreement if not previously given to the insurer, shall give any notice of cancellation required by the policy, contract, or law and, within ten business days after the effective date of the cancellation, pay to the lender any premium unearned on the policy or contract as of that effective date. Within ten business days after receipt of the unearned premium, the lender shall pay to the consumer indebted upon the insurance premium loan any excess of the unearned premium received over the amount owing by the consumer upon the insurance premium loan.
Source: L. 2000: Entire article R&RE, p. 1224, § 1, effective July 1.
Editor's note: This section is similar to former § 5-7-103, as it existed prior to 2000.
5-3.1 ARTICLE 3.1
Deferred Deposit Loan Act
5-3.1-101. Short title.
5-3.1-101.5. Legislative declaration.
5-3.1-102. Definitions.
5-3.1-103. Written agreement requirements.
5-3.1-104. Notice to consumers.
5-3.1-105. Authorized charges.
5-3.1-106. Maximum loan amount - right to rescind.
5-3.1-107. Multiple outstanding transactions notice.
5-3.1-108. Renewal - new loan - consecutive loans - payment plan - definitions.
5-3.1-109. Form of loan proceeds.
5-3.1-110. Endorsement of instrument.
5-3.1-111. Redemption of instrument.
5-3.1-112. Authorized dishonored instrument charge.
5-3.1-113. Posting of charges.
5-3.1-114. Notice on assignment or sale of instruments.
5-3.1-115. Records and annual reports.
5-3.1-116. License requirement.
5-3.1-117. Examination and investigation.
5-3.1-118. Denial of license - discipline.
5-3.1-119. Applicability of other provisions of this title.
5-3.1-120. Criminal culpability.
5-3.1-121. Unfair or deceptive practices.
5-3.1-122. Unconscionability.
5-3.1-123. Use of multiple agreements for deferred deposit loans.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 5-3-503
What does Colorado Revised Statutes § 5-3-503 cover?
Section 5-3-503 ("Notice of cancellation.") 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 § 5-3-503?
A common citation format is "Colorado Revised Statutes § 5-3-503" (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 § 5-3-503 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.