C.R.S.
Section 5-2-213
Lender and seller credit cards
(1)
For purposes of this section, “credit card bank or financial institution” means a commercial bank, credit union, thrift, savings and loan association, savings bank, or other state or federally supervised institution in this state that issues credit cards and may export rates and fees pursuant to the “National Bank Act”, 12 U.S.C. sec. 85, “Depository Institutions Deregulation and Monetary Control Act of 1980”, 12 U.S.C. secs. 1463, 1785, and 1831d, “Federal Credit Union Act”, 12 U.S.C. sec. 1757, or “Alternative Mortgage Transaction Parity Act of 1982”, 12 U.S.C. secs. 3801 to 3805, and any regulations under those acts.(2)
Notwithstanding any other provisions of this part 2, with respect to a lender or seller credit card issued by a credit card bank or financial institution:(a)
The finance charge, calculated according to the actuarial method, may not exceed the amounts provided in section 5-2-201; and(b)
Any fees imposed for a minimum finance charge described in section 5-2-201 (3)(b), annual charges described in section 5-2-202 (1)(c), cash advances described in section 5-2-202 (1)(e)(I), return or dishonor of a check described in section 5-2-202 (1)(e)(II), delinquency described in section 5-2-203, or exceeding the credit limit may be in an amount established by written agreement of the parties.(1)
As used in this section:(a)
“General-purpose credit card” means any card, plate, or other single credit device that may be used from time to time to obtain consumer credit under an open-end credit plan offered by a supervised financial organization, as defined in section 5-1-301 (45), that:(I)
Is accepted by any merchant that participates in a widely accepted payment card network and is accepted upon presentation at multiple, unaffiliated merchants for goods or services;(II)
Does not charge fees, including pre-account opening fees, which exceed fifteen percent of the credit line; and(III)
Does not include an overdraft line of credit that is accessed by a debit or prepaid card or an account number.(b)
“Open-end credit plan” means consumer credit extended by a creditor under a plan in which:(I)
The creditor reasonably contemplates repeated transactions;(II)
The creditor may impose a finance charge from time to time on an outstanding unpaid balance; and(III)
The amount of credit that may be extended to the consumer during the term of the plan, up to any limit set by the creditor, is generally made available to the extent that any outstanding balance is repaid.(2)
Limitations in state law on finance charges and fees applicable to consumer credit transactions in sections 5-2-201, 5-2-202, and 5-2-203 shall not apply to general-purpose credit cards.
Source:
Section 5-2-213 — Lender and seller credit cards, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-05.pdf (accessed Oct. 20, 2023).
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