Keywords:
Acceptance Company
Auto Financing
Charge Account
Consumer Credit
Finance Company
| Federal |
U.S. Federal Trade Commission
600 Pennsylvania Ave, NW
Washington , DC 20580
(202)326-3553
(877)382-4357
Fax: (202)326-3197 |
| Federal Truth in Lending laws on disclosure applies to creditors and lessors, as well as advertisers of “consumer credit” or a “consumer lease.”
Link: http://www.ftc.gov/bcp/menu-lending.htm
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| State |
Colorado Department of Law
Uniform Consumer Credit Code (UCCC)
1525 Sherman St, 7th Fl.
Denver , CO 80203
(303)866-4494
Fax: (303)866-5474 |
| Any company or person that regularly makes or takes assignment of consumer loans in Colorado with an annual percentage rate of more than 12% per annum, or who collects such loans that it previously made, is a supervised lender. Supervised loans include both secured and unsecured consumer loans, home equity loans and other junior lien mortgages, insurance premium financing, deferred deposit loans, credit cards, and first mortgage loans for purposes other than the purchase or refinancing of a home. Such lenders must be licensed by the UCCC as a supervised lender.
Link: www.coloradoattorneygeneral.gov/uccc
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| A supervised lender’s license application requires background information on the applicant and its officers, members, and partners; proof of financial responsibility; and corporate status and trade name records. A supervised lender is subject to periodic unannounced compliance examinations, must respond to examination reports, and must file an annual statistical report each June 1. |
| The supervised lender license fee is $100 for the initial or master license and $50 for each branch office license. |
| First mortgage residential acquisition loans and refinances of these loans are exempt from licensing and notification fees. State or federally-chartered depository institutions are also exempt from UCCC licensing. |
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| NOTE: Money or Financing Brokers who do NOT lend money are not licensed or registered by the State of Colorado. Federal regulations and guidelines may apply. |
| NOTE: If applicable, see MORTGAGE BUSINESS |
Tuesday, October 2, 2012 – 2:59 pm
