Colorado § 5-3.1-101.5 - Legislative declaration.
Full text of Colorado Colorado Revised Statutes § 5-3.1-101.5 — Legislative declaration., with citation guidance and answers to common questions.
§ 5-3.1-101.5. Legislative declaration.
The people of this state find and declare that payday lenders are charging up to two hundred percent annually for payday loans and that excess charges on such loans can lead Colorado families into a debt trap of repeat borrowing. It is the intent of the people to lower the maximum authorized finance charge for payday loans to an annual percentage rate of thirty-six percent.
Source: Initiated 2018: Entire section added, Proposition 111, L. 2019, p. 4539, § 1, effective February 1, 2019, proclamation of the Governor issued December 19, 2018.
Editor's note: This section was added by Proposition 111, with the proclamation of the governor on December 19, 2018. The vote count for the measure at the general election held November 6, 2018, was as follows:
FOR: 1,865,200
AGAINST: 549,357
Frequently Asked Questions About Colorado § 5-3.1-101.5
What does Colorado Revised Statutes § 5-3.1-101.5 cover?
Section 5-3.1-101.5 ("Legislative declaration.") 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 § 5-3.1-101.5?
A common citation format is "Colorado Revised Statutes § 5-3.1-101.5" (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 § 5-3.1-101.5 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.