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Colorado opt-out signed into law, effects to be seen

CFPB Monitor

As anticipated, on June 5, 2023, Colorado Governor Jared Polis signed into law Colorado HB23-1229 , which will exclude consumer loans made in Colorado from the provisions of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) (codified at 12 U.S.C.

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Bitcoin Daily: Bitcoin Price Rises Above $12K For 30 Minutes; Colorado Lottery Partners With Chainlink For Contest

PYMNTS

The Colorado Lottery is partnering with Chainlink and ETHDenver for a new contest “to create new Lottery games that will excite and entertain a new, broad and diverse group of Coloradans to engage them in supporting the great outdoors and schools,” a press release says.

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Credit unions settle GAP fee refund cases with Colorado Attorney General

CFPB Monitor

On January 4, 2023, Colorado Attorney General Phil Weiser announced settlements with two state-chartered credit unions, Bellco Credit Union (“Bellco”) and Canvas Credit Union (“Canvas”), over Guaranteed Automobile Protection (commonly referred to as Guaranteed Asset Protection, or “GAP”) refunds.

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Curiouser and Curiouser – Colorado Opt-Out Legislation, As Amended, Moves Forward, With a Carve-Out for Certain General Purpose Credit Cards

CFPB Monitor

A Colorado bill (HB23-1229) that would opt out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) (codified at 12 U.S.C.

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Colorado Attorney General enters into settlements with credit unions requiring refunds of GAP fees

CFPB Monitor

The GAP coverage in question was purchased by Colorado consumers who had entered into retail installment contracts (RICs) with auto dealers. Ballard Spahr attorneys have significant experience in dealing with the Colorado AG in matters involving these issues. . . The credit unions disputed that they had violated the CCPA.

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Colorado's new law on high-cost lending may be a model for other states

American Banker

The measure will prevent banks chartered elsewhere from charging interest rates above Colorado's 36% rate cap. If additional states take the same approach, it could hamper the business model for high-cost consumer lenders that partner with banks.

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Opt-Out Deja Vu? Pending Colorado legislation would opt out of federal law allowing interest rate exportation by state banks

CFPB Monitor

Legislation to opt out of a 43-year-old federal law allowing FDIC-insured state banks to “export” interest on interstate loans to the same extent as their national bank counterparts is quietly, but swiftly, working its way through the Colorado legislature. Continue Reading