C.R.S. Section 5-3.1-108
Renewal

new loan
consecutive loans
payment plan
definitions

(1)

A deferred deposit loan shall not be renewed more than once. After such renewal, the consumer shall pay the debt in cash or its equivalent. If the consumer does not pay the debt, then the lender may deposit the consumer’s instrument.

(2)

Upon renewal of a deferred deposit loan or payday loan, the lender may assess a finance charge that must not exceed an annual percentage rate of thirty-six percent. If the deferred deposit loan or payday loan is renewed prior to the maturity date, the lender shall refund to the consumer a prorated portion of the finance charge based upon the ratio of time left before maturity to the loan term.

(3)

A transaction is completed when the lender presents the instrument for payment or the consumer redeems the instrument by paying the full amount of the instrument to the holder. Once the consumer has completed the deferred deposit transaction, the consumer may enter into a new deferred deposit agreement with the lender. If the consumer’s instrument is dishonored by the payor financial institution after the transaction is complete and, before the lender receives a notice of dishonor, the lender makes a new loan that does not exceed the maximum allowable loan, the lender shall not be in violation of the maximum loan amount provisions in section 5-3.1-106.

(4)

Nothing in this section prohibits a lender from refinancing a deferred deposit loan as a supervised loan subject to the provision of this code, articles 1 to 9 of this title; except that the lender may not contract for or receive the minimum finance charge contained in section 5-2-201 (7).

(5)(Deleted by amendment, L. 2010, (HB 10-1351), ch. 267, p. 1223, § 6, effective August 11, 2010.)

Source: Section 5-3.1-108 — Renewal - new loan - consecutive loans - payment plan - definitions, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-05.pdf (accessed May 26, 2025).

5–3.1–101
Short title 5–3.1–101.5
Legislative declaration 5–3.1–102
Definitions 5–3.1–103
Written agreement requirements 5–3.1–104
Notice to consumers 5–3.1–105
Authorized charges 5–3.1–106
Maximum loan amount - right to rescind 5–3.1–107
Multiple outstanding transactions notice 5–3.1–108
Renewal - new loan - consecutive loans - payment plan - definitions 5–3.1–109
Form of loan proceeds 5–3.1–110
Endorsement of instrument 5–3.1–111
Redemption of instrument 5–3.1–112
Authorized dishonored instrument charge 5–3.1–113
Posting of charges 5–3.1–114
Notice on assignment or sale of instruments 5–3.1–115
Records and annual reports 5–3.1–116
License requirement 5–3.1–117
Examination and investigation 5–3.1–118
Denial of license - discipline 5–3.1–119
Applicability of other provisions of this title 5–3.1–120
Criminal culpability 5–3.1–121
Unfair or deceptive practices 5–3.1–122
Unconscionability 5–3.1–123
Use of multiple agreements for deferred deposit loans

California:	Codes
Colorado:	C.R.S.
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
Texas:	Statutes
World:	Rome Statute, International Dictionary

C.R.S. Section 5-3.1-108 Renewal

(1)

(2)

(3)

(4)

C.R.S. Section 5-3.1-108
Renewal