John W. Suthers
Cynthia H. Coffman
Daniel D. Domenico
STATE OF COLORADO
Ralph L. Carr
M E M O R A N D U M
TO: Retail Sellers
FROM: Administrator of the Uniform Consumer Credit Code
SUBJECT: Notification Filing
DATE: January 22, 2014
In 2009 the legislature amended the Uniform Consumer Credit Code regarding Notification filing and instituted amendments to §5-6-201 et. seq. C.R.S. These changes in filing requirements became effective as of January 1, 2010. At that time due to the change in law the Administrator offered an amnesty program to allow entities to come into compliance with the new law without penalty.
The Administrator has recently been made aware that there may be significant numbers of entities that still have not filed notification in compliance with §5-6-202. In an effort to bring entities into compliance with the law, the Administrator is offering the following opportunity for compliance:
1. A compliance policy will be instituted beginning on March 15, 2014 and shall be open and continue through May 15, 2014.
2. If an entity files notification pursuant to this compliance program it must pay the filing fee for each year from 2010 to 2013 that is applicable to its business. The filing fees are as follows:
2010 - $50
2011 - $100
2012 - $100
2013 - $100
3. In addition to the filing fee for each year and in lieu of the late fees pursuant to the law, entities shall pay a penalty for each year of non-compliance in the amount of $250.
Please note that this compliance program does not begin until March 15, 2014, which is after the current renewal and filing period. Therefore, all filing fees, deadlines for filing, and late fees for the year 2014 shall remain the same and in effect.
The form and acceptance of filing pursuant to the compliance program for prior years of 2010 through 2013 will not be accepted or available until March 15, 2014 at which time a form will be posted on the web site at https://www.coloradoattorneygeneral.gov/departments/consumer_protection/uccc_car/uccc/applications_forms_creditor_information.
Entities may then submit the form with the prior year filings and fees as delineated above.
Please note that after this limited compliance program, retail sellers that have not filed notification in compliance with the law are subject to penalties in the amount of $5 per day and will be required to refund all consumer finance charges due under the consumer credit transaction pursuant to §5-6-203.