Colorado AG issues administrator’s opinion on what constitutes collateral with respect to alternate charge consumer installment loans

Published: 10/01/2019
Colorado AG issues administrator’s opinion on what constitutes collateral with respect to alternate charge consumer installment loans
Source: WWW.CONSUMERFINANCEMONITOR.COM

In a January 4 posting, Colorado’s outgoing Attorney General, Cynthia Coffman, issued an administrator’s opinion as to whether Section 5-2-214 of the Uniform Consumer Credit Code prohibits supervised lenders from utilizing post-dated checks, debit authorizations, and other forms of up-front payment authorization, as security for payment of “alternate charge” consumer installment loans. Alternate c

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