payday loans law in CO

Maybe people ask about payday loans. Is it legal? How much will it cost? How to get it?
The second state for today is Colorado state..

Colorado State Information

Legal Status: Legal (Lower Cost)

Citation:
Colo. Rev. Stat. 5-3.1-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 6 Months
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
Finance Charge for 14-day $100 loan: Not applicable
APR for 14-day $100 loan: Not applicable

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit if total debt does not exceed $500 and 30-days between loans
Rollovers Permitted: One renewal at 45% interest allowed.
Repayment Plan:

Collection Limits:
Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)

Where to Complain, Get Information:
Regulator: Colorado Office of the Attorney General
Address: 1300 Broadway, 10th Floor, Denver, CO 80203
Phone: 720-508-6000
Fax: 720-508-6030

Regulator Website: http://www.ago.state.co.us/uccc/ucccmain.cfm

Find more info about Payday loans in Colorado here: http://easyloansusa.net/colorado/ 

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