(1) In addition to contracting for a security interest pursuant to the provisions on security in sales or leases contained in section 5-3-201, a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt.
(2) If the seller contracts for a security interest in other property pursuant to this section, the rate of finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on consolidation involving a refinancing contained in section 5-2-205 (1). The seller has a reasonable time after so contracting to make any adjustments required by this section. "Seller" in this section does not include an assignee not related to the original seller.
Source: L. 2000: Entire article R&RE, p. 1218, § 1, effective July 1.
Editor's note: This section is similar to former § 5-2-408, as it existed prior to 2000.
Notes of Decisions
Cited in
3
cases, 1982–1996 · leading case:
Dikeou v. Dikeou, 928 P.2d 1286 (Colo. 1996).
Dikeou v. Dikeou, 928 P.2d 1286 (Colo. 1996).
· cites it 10× “The term does not include charges as a result of default, additional charges (section 5-3-202), delinquency charges (section 5-3-203), or deferral charges (section 5-3-204).”
Concord Realty Co. v. Cont'l Funding Corp., 776 P.2d 1114 (Colo. 1989).
“See § 5-3-202(3), 2 C.R.S. (1988). “Closing costs” with respect to a debt secured by an interest in land are defined as: (a) Fees or premiums for title examination, title insurance, or similar purposes including surveys, (b) Fees for preparation of a deed, settlement statement,…”
— Colo. Rev. Stat. § 5-3-202(3) — 2 cases
Dikeou v. Dikeou, 928 P.2d 1286 (Colo. 1996).
“The term does not include charges as a result of default, additional charges (section 5-3-202), delinquency charges (section 5-3-203), or deferral charges (section 5-3-204).”
Concord Realty Co. v. Cont'l Funding Corp., 776 P.2d 1114 (Colo. 1989).
“See § 5-3-202(3), 2 C.R.S. (1988). “Closing costs” with respect to a debt secured by an interest in land are defined as: (a) Fees or premiums for title examination, title insurance, or similar purposes including surveys, (b) Fees for preparation of a deed, settlement statement,…”
Annotations are extracted automatically from the opinions in the
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treatment. Dots show Syfertize treatment of the citing case itself.