C.R.S. Section 5-1-102
Purposes

  • rules of construction

(1)

This code shall be liberally construed and applied to promote its underlying purposes and policies.

(2)

The underlying purposes and policies of this code are:

(a)

To simplify, clarify, and modernize the law governing retail installment sales, consumer credit, small loans, and usury;

(b)

To provide rate ceilings to assure an adequate supply of credit to consumers;

(c)

To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost;

(d)

To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors;

(e)

To permit and encourage the development of fair and economically sound consumer credit practices;

(f)

To conform the regulation of consumer credit transactions to the policies of the federal “Truth in Lending Act” and the federal “Consumer Leasing Act”; and

(g)

To make uniform the law, including administrative rules, among the various jurisdictions.

(3)

A reference to a requirement imposed by this code includes reference to a related rule of the administrator adopted pursuant to this code.

Source: Section 5-1-102 — Purposes - rules of construction, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

Green check means up to date. Up to date

Current through Fall 2024

§ 5-1-102’s source at colorado​.gov