A lender may pay the proceeds from a deferred deposit loan to the consumer in the form of a business instrument, money order, cash, stored value card, internet transfer, or authorized automated clearinghouse transaction. The consumer shall not be charged an additional finance charge or fee for cashing the lender’s business instrument or for negotiating forms of loan proceeds other than cash.
C.R.S. § 5-3.1-109
Form of loan proceeds
Known as the Deferred Deposit Loan Act
The act spans §§ 5–5 (24 sections).
Digitized from: Public.Law — Colorado Revised Statutes. Reproduced from public-domain Colorado statutes; confirm against the official source for the current text. Not legal advice.