(1) The creditor shall deliver or mail to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. A periodic statement showing a payment received by the creditor complies with this subsection (1).
(2) Upon written request of a consumer, the creditor of a consumer credit transaction, other than one pursuant to a revolving credit account, shall provide a written statement of the dates and amounts of payments made within the twelve months preceding the month in which the request is received and the total amount unpaid as of the end of the period covered by the statement. The statement shall be provided without charge twice during each year of the term of the obligation. If additional statements are requested, the creditor may charge not more than ten dollars for each additional statement.
(3) Within thirty days after a consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to a revolving credit account, the creditor shall deliver or mail to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction and written evidence of release of any security interest and termination of any financing statement held, retained, or acquired.
Source: L. 2000: Entire R&RE, p. 1216, § 1, effective July 1.
Editor's note: This section is similar to former § 5-5-110, as it existed prior to 2000.
Notes of Decisions
Nienke v. Naiman Grp., Ltd., 857 P.2d 446 (Colo. Ct. App. 1992).
· cites it 4× “The law firm's evidentiary argument appears to be that because the largest percentage *451 of the loan proceeds, as disclosed by the closing statement, was used to pay off two earlier consumer loans, defendants' loan was, in essence, a "dual purpose" loan, arguably bringing it…”
State ex rel. Salazar v. Cash Now Store, Inc., 31 P.3d 161 (Colo. 2001).
“‘ § 5-3-104, 2 C.R.S. (1999). The statute defines the term "loan" as including several methods by which debt is created and also the forbearance of debt arising from a loan.”
Brown v. Fenner, 757 P.2d 184 (Colo. Ct. App. 1988).
· cites it 3× “Section 5-3-104, C.R.S. (1987 Cum.Supp.), defines “consumer loan” as one made by a person regularly engaged in the business of making loans.”
Empire Sav., Bldg. & Loan Ass'n v. Otero Sav. & Loan Ass'n, 640 P.2d 1151 (Colo. 1982).
· cites it 2× “” At the time relevant to this case, consumer loans were defined in section 5-3-104 of the UCCC as follows: (1) Except as provided in subsection (2) of this section and except with respect to a loan primarily secured by an interest in land (section 5-3-105), “consumer loan” is a…”
Strader v. Beneficial Fin. Co. of Aurora, 534 P.2d 339 (Colo. Ct. App. 1975).
“Following presentation of evidence in a trial to the court, the court determined, inter alia, that: The loan involved was a consumer loan pursuant to § 5-3-104 of the UCCC; Beneficial failed to disclose the interest rate to Straders at the loan closing; no disclosure was made…”
State ex rel. Salazar v. Cash Now Store, Inc., 12 P.3d 321 (Colo. Ct. App. 2000).
“This contention requires us to determine whether the challenged transactions constitute "consumer loans" as that term is defined at § 5-3-104, C.R.8.1999, or "loans," under the definition set out in § 5-3-106, C.”
— Colo. Rev. Stat. § 5-3-104(l)(d) — 1 case
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